Vale Moçambique to negotiate with government sale of 10 pct to local investors

24 October 2012

The Mozambican government plans to negotiate with Brazilian mining company Vale Moçambique the sale of up to 10 percent of the company to local investors, the company’s operations director said in Tete cited by Mozambican newspaper O País.

According to Altiberto Brandão, the Mozambican government is still outlining the strategy for the sale of 10 percent in Vale Moçambique to local investors as well as listing its shares on the Mozambique Stock Exchange.

Future negotiations will take place following the Mozambican government’s acquisition in the first half of the year of 5 percent of Vale Moçambique, which is prospecting in the provinces of Niassa and Nampula.

The company’s main business is focused in Tete province where it has already started mining coal, which is currently exported through the port of Beira. (macauhub)