Chinese company Anhui Foreign Economic Construction Group has signed a memorandum of understanding with the Mozambican government for exploration of heavy sands deposits in Chibuto, Gaza province, Mozambican daily newspaper Notícias reported.
After the failure of previous moves to carry out the project, the government returned to the market to find new investors and found the Chinese company.
The memorandum, amongst other things, establishes the basis for carrying out other work that may lead to a contract to carry out the project in the next nine months.
The company is expected to take a fresh look at all previously produced geological data that is now in the hands of the Ministry for Mining Resources, which will be followed by the presentation of a proposal for discussion.
According to the figures made public at the ceremony, the company has US$500 million to invest in the project, which may be increased as required. (macauhub)