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Ivanhoe Mines: United States Announces Support for Development of Lobito Atlantic Railway Corridor at the 2023 G7 Summit
United States announces support for development of Lobito Atlantic Railway Corridor at the 2023 G...
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[{"type":"text","content":"Ivanhoe Mines: United States Announces Support for Development of Lobito Atlantic Railway Corridor at the 2023 G7 SummitUnited States announces support for development of Lobito Atlantic Railway Corridor at the 2023 G7 SummitU.S. International Development Finance Corporation evaluating $250 million in financing for 'key economic' rail corridor connecting the Angolan port of Lobito to the DRC CopperbeltRail corridor passes through Western Foreland licences and within five kilometres of Kamoa-Kakula Copper ComplexDistance from Kamoa-Kakula to Angolan Lobito Ocean Port is approximately halved compared with Durban, South Africa, providing for significant potential logistics cost improvementLobito Corridor and other initiatives, such as Ivanhoe's work on the Kipushi border, set to transform regional logistics in the DRC and neighbouring countriesKolwezi, Democratic Republic of Congo--(Newsfile Corp. - May 24, 2023) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete announce that the U.S. Government made a press statement during the 2023 G7 Summit in Hiroshima, Japan, stating that the United States International Development Finance Corporation (DFC) is currently performing due diligence for a potential $250 million investment to finance the open-access Lobito Atlantic Railway Corridor (Lobito Corridor) from the port of Lobito in Angola to the Angolan-DRC border. The \"transformative economic corridor\" connects the Angolan port of Lobito to the Democratic Republic of Congo (DRC) Copperbelt. Once fully operational, the Lobito Corridor could significantly improve the logistics costs and carbon footprint of exporting metals from the Kamoa-Kakula Copper Complex, the Kipushi zinc-copper-germanium-silver mine, as well as the future development of any copper discoveries within the Western Foreland Exploration Project. The announcement follows the recent award of a 30-year concession on the Angolan side of the Lobito Corridor, with the potential of a 20-year extension, to a consortium including Trafigura Pte Ltd., of Geneva, Switzerland, and Mota-Engil of Porto, Portugal. The consortium will be responsible for the operation, management and maintenance of the rail infrastructure and rolling stock from the Lobito port to the Angolan-DRC border. The agreement announced in the fourth quarter o...