In 2019, AFC invested a total of c.US$247 million to acquire c.45 percent of Nouvelle Gabon Mining (NGM), which holds the rights to two producing manganese mine assets in Gabon, which are located at Franceville and Okondja. Both assets have a combined production capacity of 2.4 million tons per annum when fully implemented.
In addition to having the two mining assets, to enhance its near-term value-enhancing activities NGM will also be constructing a smelter plant, which will comprise of seven units of 16,500 KVA silicomanganese alloy Arc furnaces, which will have a combined output of 255,000 tons annually.
AFC’s investment thesis for this transaction was influenced by the Gabon Special Economic Zones (GSEZ), an AFC investee company which currently provides logistics services to NGM, via its mineral port and will extend those services to the smelting company. The mine developments will provide opportunities for the much-desired economic emancipation and infrastructure development in Gabon. When NGM’s two mines arefully operational, the company is expected to directly employ up to 750 Gabonese staff, with an additional 1,000 employed indirectly, through its activities along the production value chain.
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