Standard Bank to finance mining sector in Mozambique

15 February 2013

Mozambican state mining company Empresa Moçambicana de Exploração Mineira (EMEM) and Standard Bank Moçambique have signed a deal to promote the mining sector in Mozambique by funding projects in the country, according to Mozambican daily newspaper Notícias.

Under the terms of the agreement, Standard Bank Moçambique will provide EMEM with consulting and intermediation services, as well as advising on the infrastructure needed to maximise the potential of mining projects in Mozambique.

The chief executive of Standard Bank Moçambique, António Coutinho, said that the partnership, through which the bank will put its entire range of services at the disposal of the customer, was a recognition of the bank’s skills particularly in relation to raw materials.

António Manhiça, the chief executive of EMEM, said that the agreement was intended to “set up an efficient state mining company, which works to benefit both Mozambique and the mining sector as a whole,” and added that it would also make it possible to set up a complete value change in the mining sector.

According to Notícias, the Standard Bank group is the biggest investor in the African mining sector, and has projects in several countries, including Mozambique.

EMEM is recently founded mining company, which is responsible for ensuring that Mozambique gets the maximum possible benefit from its natural resources. (macauhub)