The Republic of Congo’s first iron-ore exports have set sail from the port of Pointe-Noire… Destination: China.
According to Reuters, this marks the country’s entry into the international iron-ore market.
The 23 000-ton shipment holds iron ore from mines owned by Sapro SA and Glencore. The former’s Mayoko project plans to reach output of 12 million tons per year by 2022. Glencore intends to ship 2 million tons of iron ore per year over the next two years, and 30 million tons by 2024.
While the Republic of Congo has substantial reserves of high-grade iron ore, development has been hampered by logistical and investment challenges. However, low crude prices over recent years have negatively affected the oil-dependent Central African nation’s economy, prompting it to take advantage of rising iron-ore prices, driven primarily by Chinese demand.
