Mining & Energy
Mozambique's National Hydrocarbons Company sees no risk in new sovereign guarantee
File photo: Macauhub
The debts of mining company Vale Moçambique reached US$7.9 billion in the second quarter of this year, the company announced at a press conference yesterday.
Vale Moçambique’s chief financial officer Marcelo Tertuliano said second-quarter debt had increased US$100 million over the first quarter figure.
“Essentially, as a result of rising production costs, our debt now amounts to almost eight billion dollars,” said Tertuliano.
This is the accumulated debt of the Brazilian company, which began operations in Mozambique’s Tete province in 2005, including compensation to local relocated populations and the construction of transport links to the port of Nacala.
Vale’s second quarter revenues were US$350 million, against US$337 million in the first quarter.
The increase in revenues was due to the increase in the volume of coal production at the Tete mine in central Mozambique, which reached 2.6 million tonnes in the second quarter against 2.3 million tonnes in the first quarter.
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