News Tosyali group gets approval to develop Kassinga mining and...

Tosyali group gets approval to develop Kassinga mining and steel project in Angola

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Turkey’s
Tosyali Group has gotten the greenlight from Angola’s president to develop Kassinga
mining and steel project.  which holds 70
per cent of the company’s capital.

According
to media reports, the Angolan President also ordered the public authorities to
intervene in the processes of granting licenses for the purposes of streamlining
the respective procedures, with a view to the rapid implementation of the
project. Further, Coremetal Mining, a company fully owned by the Tosyali group,
will be charged with the responsibility of financing and managing the project.

The
Angolan participation will consist of the transfer of mining assets,
infrastructure, as well as existing equipment that is appropriate for the
project, as assessed by an independent expert and accepted by the parties.

The
agreement foresees that the investment will be made in four stages. These are
divided between the extraction and processing for the production of 4.1m tons
of iron concentrate, and the installation of the pelletising plant for the
production of  the same amount in tons of
pellets.

PMSK
expects that 2019 will be dedicated to the review of studies and completion of
engineering drawings, that the construction of the mine and beneficiation plant
will begin by 2020, with its operationalisation in 2020 and 2021, and in the
same period the construction and operationalization of pelletising.

The
construction of the direct iron reduction plant and the installation of the
rolling mill and melt shop should occur between 2020 and 2022. Kassinga iron
mining in the municipality of Jamba, Huíla province, about 350 kilometres east
of Lubango, dates back to the 1960s but operations were suspended in 1975 after
Angola’s independence.

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