VDM Mining offers the advantages of Australia’s mining expertise, experience and technology, and draws on Australia’s world-class HSE (Health, Safety and Environmental) management systems, as well as VDM’s procurement, equipment supply and maintenance, and construction capabilities. The VDM Mining division aims to obtain greenfield mining rights in Latin America and Africa, to jointly develop these mining projects with capable partners after detailed exploration is complete.
Cachoeiras do Binga
VDM Group Limited has entered into a conditional agreement with Pebric Mining and Seabank Resources to acquire a 65% participating interest in the Cachoeiras do Binga copper exploration project located in the Republic of Angola.
Under the agreement, VDM will acquire a majority interest in the prospective 3,854km2 Cachoeiras do Binga exploration concession, with key features of the project including:
- Geology: Historical exploration programs undertaken on Cachoeiras do Binga have estimated that it contains significant copper mineralisation.
- Exploration Potential: There has been no detailed exploration programme undertaken on Cachoeiras do Binga since 1973.
- Infrastructure: The concession is strategically located near the regional capital of Sumbe and port facilities of Ambiom. It is adjacent to a reconstructed highway route to the Angolan capital of Luanda. The area contains abundant water supplies and has potential to connect into nearby hydro-electric power supplies.
- Investment Climate: Angola passed a new Mining Code in 2011 to provide the mining sector with a modern set of rules regarding exploration and development of its mining resources and to encourage mining investment. Angola’s institutions are already experienced with foreign investment due to the country’s large established oil industry.
Cachoeiras do Binga is located in the province of South Cuanza, immediately east of the regional capital of Sumbe on the central-west coast of Angola, adjacent to a reconstructed highway route to the Angolan capital of Luanda. It is approximately 385km south of Luanda. Cachoeiras do Binga is located in the West Congo Copper Belt of Angola which extends for over 500km and is considered the most prospective copper belt in Angola.
The word Cachoeiras in Portuguese means waterfall, so Cachoeiras do Binga means waterfalls of Binga. This refers to a series of waterfalls on the Queve River where the main prospect is located. Access to the Project is provided by the coastal highway. The town of Sumbe has a population of approximately 26,000 and has an airport and port. The port of Ambiom is nearby and the major harbour of Port Lobito is located about 150km to the south.
Please refer to ASX announcement of 29 September 2014 for further details of the transaction.