Gabon has a range of natural resources including oil and minerals. This is one of the main reasons the country is among the most economically prosperous in Africa. However, as I mentioned in my last blog posting, the country still faces a disparity in income between the rich and poor as the main source of production is oil. This is why the country has made plans to "diversify" their economy and create new job prospects outside of the oil industry. A new project concentrated in Gabon will help further the initiatives to do this.
There is a graphite company known as Metals of Africa, headquartered in Australia. The company's main objective is to supply lithium-ion for the battery market. The company is currently involved in a few projects to find minerals for conversion with one of their projects being the Kroussou Zinc Project, which focuses on drilling for minerals in the country of Gabon. Metals of Africa has a plan of how to retrieve the minerals, but with no one to invest in the project alongside the company, the project hasn't had much movement. The project is about to gain some momentum though, as Metals of Africa announced that Zambezi Resources Ltd., (a mineral exploration company) will invest in advancing the Kroussou Zinc Project. With Metals of Africa and Zambezi Resources partnered up, the two companies will begin to do some exploration on mineral sources in Gabon and focus on supplying the minerals to the battery market.
This project at the face may sound like it will do little to nothing in benefiting the residents of Gabon. However, to see the possible benefits of a project such as this, we must look at it from a long term view. As I've stated previously, Gabon is seeking to diversify its economy; the Kroussou Zinc project will create a mining industry for the country. This will help move the country from using oil as its' main source of production. If Metals of Africa is able to prove that there is a profit in their Kroussou Project, this will create new job prospects for the residents of Gabon in the mining industry. As a complement to this, Gabon opened a mining school in the summer of this year. This will make it easier for residents to obtain the training they need for a career in the mining industry. Furthermore, this project will also create initiatives to develop the infrastructure in Gabon. If investors see that the Kroussou Project has earning potential, they will be willing to invest in the infrastructure of the country in order to transport the material.
Endeavors such as the Kroussou Project will create long term benefits for the country of Gabon when it comes to diversifying the economy, creating new job prospects, and developing the infrastructure. These types of projects are needed for the people of Gabon in order to give them new education and career opportunities. The Kroussou Project has the potential to persuade other investors to invest in Gabon as well, which will pave the way for the people of Gabon to achieve a higher standard of living. The economy in Gabon is certainly on the move, and it's only a matter of time before it begins to work for the people of Gabon. The Kroussou Project is just one example of the many prospects that will be entering the country in the near future, and further put Gabon on the map.
If you're curious of how mineral sources look and how they are extracted, here is a short clip credited to Metals of Africa Ltd. showing one of the mineral sources in Gabon.
Swanepoel, Esmarie. "Metals of Africa finds partner for Gabon Project". Creamer Media's Mining Weekly. 2 Nov, 2016. http://www.miningweekly.com/article/metals-of-africa-finds-partner-for-kroussou-2016.
Mining Review Africa. "New Mining School to boost Gabon Manganese refinery performance". 15 June, 2016.
https://www.miningreview.com/news/new-mining-school-boost-gabon-manganese-refinery-performance/.
Metals of Africa Ltd. "Dikaki Lead-Zinc Prospect". Online Video Clip. YouTube. 9 March, 2015. https://www.youtube.com/watch?v=QF086uj05u4.
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| The Moanda School of Mining and Metallurgy in South-East Gabon. School Opened in June 2016 (Photo credit: Mining Review Africa) |
Endeavors such as the Kroussou Project will create long term benefits for the country of Gabon when it comes to diversifying the economy, creating new job prospects, and developing the infrastructure. These types of projects are needed for the people of Gabon in order to give them new education and career opportunities. The Kroussou Project has the potential to persuade other investors to invest in Gabon as well, which will pave the way for the people of Gabon to achieve a higher standard of living. The economy in Gabon is certainly on the move, and it's only a matter of time before it begins to work for the people of Gabon. The Kroussou Project is just one example of the many prospects that will be entering the country in the near future, and further put Gabon on the map.
If you're curious of how mineral sources look and how they are extracted, here is a short clip credited to Metals of Africa Ltd. showing one of the mineral sources in Gabon.
Swanepoel, Esmarie. "Metals of Africa finds partner for Gabon Project". Creamer Media's Mining Weekly. 2 Nov, 2016. http://www.miningweekly.com/article/metals-of-africa-finds-partner-for-kroussou-2016.
Mining Review Africa. "New Mining School to boost Gabon Manganese refinery performance". 15 June, 2016.
https://www.miningreview.com/news/new-mining-school-boost-gabon-manganese-refinery-performance/.
Metals of Africa Ltd. "Dikaki Lead-Zinc Prospect". Online Video Clip. YouTube. 9 March, 2015. https://www.youtube.com/watch?v=QF086uj05u4.
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