Rio Tinto group sets up partnership in Mozambique for coal prospecting

21 March 2013

Rio Tinto Ventures (Mauritius), a subsidiary of Anglo-Australian group Rio Tinto, and Mozambican mining company Empresa Moçambicana de Exploração Mineira (EMEM), have set up a partnership for coal prospecting in Tete province, the group said in a statement.

Called Minas de Changara, the new company, in which the Rio Tinto group owns 75 percent and EMEM has the remaining 25 percent, will start operating with a portfolio of three coal prospecting and research licenses that were already owned by Rio Tinto, via Rio Tinto Changara.

The Anglo-Australian group will fund prospecting and research work, and the two partners will be responsible for financing the project’s development if the prospecting work shows it is feasible for it to be developed.

Rio Tinto, which is listed on the Sydney and London stock exchanges, is one of the world’s main mining groups and its portfolio of assets includes bauxite, copper, diamonds, gold, industrial minerals and iron ore.

EMEM is a state company set up in June 2009 whose focus is geological mining, advisory, consulting and technical assistance, carrying out prospecting and research for natural resources and development of partnerships with other national and foreign companies. (macauhub)