Modern Mining September 2024

Lobito Atlantic Railway receives its first vessel at the Port of Lobito, Angola

The first vessel recently docked at the mineral terminal of the Port of Lobito, operated by the Lobito Atlantic Railway (LAR) consortium, the concession holder for the operation, management and maintenance of the railway linking Angola to the Democratic Republic of Congo (DRC). The MV Lindsaylou, a bulk cargo vessel loaded with 40 500 tonnes of sulphur, docked on Friday 12 July, marking the beginning of port operations for LAR. The vessel was loaded in Qatar and arrived in Lobito after a journey of around a month. The cargo will be placed on LAR international cargo trains bound for the DRC to support refined copper production by mining companies based in the Katanga area. The project to refurbish the railway line represents an investment of more than $800 million over the lifetime of the concession. 

Map illustrating the route of the Lobito Atlantic Railway.

TSX-listed Orezone Gold has secured binding commitments totalling over $105 million to fully finance the construction of the Phase II hard rock expansion at its flagship Bomboré Gold Mine. With early works complete, engineering and procurement well-advanced, and major works expected to commence shortly, the Phase II expansion remains on schedule for first gold in late 2025. Financing Package Highlights: • $58 million senior secured term loan aligned and committed stakeholder, further strengthening our local base and providing another platform for regional growth. Orezone remains well-positioned to deliver this next stage of project growth, which will see annual gold production increase to over 170 000 ounces in 2026, an approximate 50% increase from current levels. The capital cost for the expansion is estimated at $85 million, and Orezone expects to deliver first gold from the expansion in late 2025.”  Orezone announces $105m financing for Bomboré Phase II Hard Rock Expansion with Coris Bank International (Coris Bank), a leading West African bank and the Company’s current senior lender. • $47 million placement of 92 743 855 shares of Orezone at C$0.70 per share with Nioko Resources Corporation. Patrick Downey, CEO stated, “We are pleased to announce that the Phase II hard rock expansion for Bomboré is now fully financed. We welcome Nioko Resources, a local Burkinabe and West African investment group, as an

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