MOZ PREDICTS HUGE MINING PROFITS BY 2015
Aug 26th, 2009 by admin
Mozambique’s as yet untapped coal reserves are expected to generate annual profits of $1.5 billion US dollar from 2015. The announcement was made last week by the country’s National Director of Mining Eduardo Alexandre. Massive coal basins in Benga and the Tete district of Moatize are being developed by two foreign mining companies, the Brazilian mining giant Vale and the Australian firm Riversdale. When combined, their investments in Mozambique amount to around two billion US dollars. Earlier this year, Vale guaranteed future power stations would meet Mozambique’s environmental standards by using efficient methods of burning coal and treating water used in the process to avoid polluting rivers.
