Mozambique: South32 Announcement - Mozal update | Unabridged
Mozambique to sign iron ore mining contract today
10:11 CAT | 11 Dec 2017
The Mozambican government is to sign a contract for the operation of iron ore mines in Tete province with Capitol Resources today, an official source said.
The company, a subsidiary of Australia’s Baobab, will invest in iron ore extraction and build a foundry where it will use the ore in steel production. It is also planned to install a thermoelectric plant, according to a resolution passed on November 14 in a cabinet meeting.
The concession being awarded will last 25 years and covers an area of 19,878 hectares in the districts of Chiúta and Moatize.
Also Read: Mozambique braces up for its first iron-ore mining project in Tete
The government estimates that 3,500 jobs will be created during the construction phase of the project, with 2,100 lasting into the operation phase.
Source: Lusa
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