Gabon outlines $2B mining project with Emirati and Chinese companies
The new investment is at aimed at exploiting the country’s undeveloped mineral wealth and reducing the economy’s dependency on oil.
The African nation of Gabon is set to embark on a $2 billion mining venture in collaboration with companies from the United Arab Emirates and China. The project aims to extract and process rare earth elements and niobium, a steel-strengthening metal, from Gabon's under-exploited mineral resources. This development would bring the long-delayed Mabounié deposit, located southeast of Libreville, into production.
The Emirati-owned mining firm New Energy Metals, backed by engineering expertise from Beijing's ENFI, is leading the initiative. Construction of the project is slated to commence in 2027. The announcement of this ambitious project coincides with Gabon's president's recent visit to China, where both nations pledged to bolster their bilateral relations.
China currently holds a dominant position in the processing of numerous critical minerals, while the global transition towards cleaner energy and innovative technologies is prompting US, European, and Gulf investors to seek partnerships with African governments to secure access to their valuable resources.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
