Maputo, Mozambique, 27 March – Brazilian mining company Vale Friday launched an investment of uS$1.3 billion in Mozambique with the laying of the first stone of the Moatize coal mining project.
The event represents the end of a process that begin with signing a prospecting and survey agreement in 2004 between the Mining Resources Ministry and Companhia Vale Moçambique, which was later followed by signing a mining contract, as well as a concession for the Moatize coal mining project, in November 2006.
Actual coal mining is expected to begin in 2011, with initial production of 11 million tonnes.
The ceremony will be attended by Mozambican president, Armando Guebuza, and other members of the government, top Vale executives and diplomatic representatives. (macauhub)