Mozambique: Megaproject revenue report, and new mining projects evaluation underway – Watch

Login

Register

http://www.clubofmozambique.com/

Mozambique: Megaproject revenue report, and new mining projects evaluation underway – Watch

4:21 CAT | 23 Nov 2020

Despite the extractive industry in Mozambique being one of the sectors worst affected by the Covid-19 pandemic, the contribution of so-called ‘megaprojects’ between January and September 2020 totalled about 14.7 billion meticais,[around US$198.9 million, at current exchange artes] an increase of 4.9 billion meticais[around US$66.3 million] on the same period last year, Miramar reports.

According to the budget report released by the Ministry of Economy and Finance, the energy production sector stands out with nominal growth of 81.3%, due to the deduction of corporate income tax at source.

Overall, the weight of extractive industry megaprojects stood at around 8.6% of the total revenue collected by the Mozambican state between January and September 2020, with 171 billion meticais, 72.6% of the forecast for the whole year.

During the period under review, the state spent 235.4 billion meticais in operating and investment expenses.

To cover the budget deficit, the Executive has resorted to domestic borrowing in the amount of 36.3 billion meticais, and 50.3 billion meticais from external sources.

Ministry evaluating mining projects worth 150 mission U.S. dollars – TVM

Meanwhile, TVM reports that The Ministry of Energy and Mineral Resources is currently assessing mining projects worth 150 million US dollars. In the area of heavy sands exploitation alone, 14 foreign investors are planning to start operating in Mozambique. according to Minister Max Tonela.

Watch both reports, from Miramar and TVM, below.