Gabon is looking to revive its long-stalled Mabounié niobium and rare-earth project through a proposed $2 billion development involving Emirati-backed New Energy Metals and the Chinese engineering group ENFI.
New Energy Metals and its subsidiary Dusk Gabon presented a technical study for the project to President Brice Clotaire Oligui Nguema during his visit to Beijing last week, according to a statement on the presidency's Facebook page. The development, if it goes ahead, is expected to create more than 2,500 direct jobs and include processing facilities in the Central African country. Construction is scheduled to start in 2027.
Mabounié, about 200 km (124 miles) southeast of Gabon's capital of Libreville, has been prospected for years but has not yet reached commercial production. The project has been stalled for a long time, and the proposal marks a renewed push to move it forward.
The statement did not provide details on how the project would be financed or on the respective roles of New Energy Metals and ENFI. Those questions remain open as the proposal moves forward, leaving investors and local stakeholders awaiting a clearer picture of the plan's structure and funding.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing