DONDO, Mozambique (Reuters) – Mozambique’s transport system offers a cautionary tale to African mining ventures, as investors play poker with the government over fixing links that remain shambolic two decades after its civil war.
Foreign mining companies are betting in Mozambique on one of the world’s largest untapped reserves of premium hard coking coal relatively close to Africa’s east coast, a prime location for feeding hungry markets in Asia.
DONDO, Mozambique, April 16 (Reuters) – Mozambique’s
transport system offers a cautionary tale to African mining
ventures, as investors play poker with the government over
fixing links that remain shambolic two decades after its civil
Foreign mining companies are betting in Mozambique on one of
the world’s largest untapped reserves of premium hard coking
coal relatively close to Africa’s east coast, a prime location
for feeding hungry markets in Asia.
JOHANNESBURG, April 10 (Reuters) – Mozambique has named
miner Rio Tinto as one of six preferred bidders
for a new $3 billion railway and port development project to
boost coal exports, the country’s transport minister said on
The former Portuguese colony, which emerged from civil war
two decades ago, boasts some of the world’s largest untapped
coal reserves and is expected to become a key source of
sought-after premium, hard coking coal used in steel making.
JOHANNESBURG (Reuters) – South Africa’s Exxaro (EXXJ.J: Quote, Profile, Research, Stock Buzz) expects to start mining iron ore in the Republic of Congo this year, with an eye to producing up to 10 million metric tons (11 million tons) a year, as the miner diversifies beyond its traditional reliance on coal.
Exxaro’s chief executive Sipho Nkosi told the Reuters Africa Investment Summit he was optimistic it would soon get a permit to begin production at the Mayoko project.
DURBAN, South Africa (Reuters) – BRICS nations failed on Tuesday to resolve differences over funding for and the location of a proposed joint development bank, indicating the emerging powers group would not achieve the goal at a summit in South Africa.
Agreeing on the share of funding contributions for the BRICS bank from each of the members – Brazil, Russia, India, China and South Africa – had already been a thorny issue for a group which brings together vastly disparate economies and governments.
DURBAN, South Africa, March 26 (Reuters) – China and Brazil
agreed on Tuesday to swap up to the equivalent of $30 billion in
each other’s currencies if need be so that their fast-growing
commercial ties will not suffer if a new banking crisis causes
dollar trade finance to dry up.
The three-year agreement, signed before the start of a BRICS
nations summit in Durban, South Africa, marked a step by the two
largest economies in the emerging powers group to change global
trade flows long dominated by the United States and Europe.
DURBAN, South Africa, March 26 (Reuters) – BRICS members
China and Brazil agreed on Tuesday a swap line allowing them to
trade the equivalent of up to $30 billion per year in their own
currencies, moving to take almost half of their trade exchanges
out of the U.S. dollar zone.
The agreement, due to last three years and signed hours
before the start of a BRICS summit in Durban, South Africa,
marked a step by the two largest economies of the emerging
powers group to make real changes to global trade flows long
dominated by the United States and Europe.
JOHANNESBURG, March 22 (Reuters) – South African power
utility Eskom has asked the national energy regulator to review
a preferential deal it has with BHP Billiton that allows its
biggest customer to purchase electricity at just over half the
cost of production.
The state-run utility, which needs to generate cash to build
new power stations to meet rising demand in Africa’s biggest
economy, has been trying to renegotiate the long-term deal with
BHP since 2009.
JOHANNESBURG, March 11 (Reuters) – South African
petrochemicals group Sasol may be interested in buying
into the gas blocks offered for sale in Mozambique’s lucrative
Rovuma basin if the deals are “appropriate”, its chief executive
said on Monday.
Recent discoveries have put Mozambique in line to eventually
compete as a major provider of liquefied natural gas to Asia.
CAPANGA, Mozambique, March 7 (Reuters) – For Mozambican
tribal queen Zoria Macajo, the thatched-hut village of Capanga,
nestled in the hills above the Zambezi river, has been her
family’s home for generations.
For mining giant Rio Tinto it is a headache
sitting on top of one of the world’s largest untapped coal
reserves, standing in the way of the company’s expansion.