Mozambique: Mining and oil sectors’ contribution to Mozambique’s GDP increases

10 July 2008

Maputo, Mozambique, 10 July – The contribution of the mining and oil sectors to Mozambique’s Gross Domestic Product (GDP) could see growth of around 15 percent by 2010, the national director of Mining Resources, Fátima Momade, said in Maputo.

Momad said that the contribution of the two sectors to the country’s economy was related to the prospects of many projects being launched that are currently in the implementation phase, including the Moma and Chibuto heavy minerals projects and the Moatize coal project.

Other projects underway are for gold mining in Manica, tantalite in Marropino, in Zambézia, gold mining in Monarch, Manica, and several other mineral water projects.

Momad also said that Mozambique had recently seen a rise in investment in the mining sectyor, with US$217 million being applied in 2007 as compared with US$169 million in 2005.

At a meeting to present the activities of the National Mines Directorate, Momad said that the main challenge for her institution was reforming current legislation that applies to the mining sector, and by the end of the year regulations on diamond mining is expected to be concluded.

The need to guarantee that precious and semi-precious stone mines go into operation in Nampula and the reopening of gold mines in Manica is another challenge, with Momad guaranteeing that within a short period some of these mines would be in operation. (macauhub)