Mining projects to be launched in Angola will require investment worth US$1.58 billion, Francisco Queiroz, Minister of Geology and Mining in the African nation, told Angolan newspaper Expansão.

Online media outlet Macauhub quoted the newspaper saying the projects include iron ore exploration in Kuando Kubango province – with an initial investment of US$250 million – and a gold mining project in Huíla province that requires US$280 million.

Angolan news agency Angop has also recently reported that the National Geology Plan for the African nation, known as Planageo, would only be completed in 2018 rather than in 2017 as previously forecast.

Mr Queiroz said this was due to the financial constraints the nation was experiencing, noting that the work on the geology mapping scheme would cost US$405 million.

China and Spain are Angola’s current two partners on the geology plan. The Minister noted his nation was open to the idea of inviting a third partner to assist Planageo – in the form of credit to fund it – the report said.