Mining & Energy
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Picture: O País
Vale Mozambique’s revenues stood at US$271 million for the second quarter of this year, US$15 million less than the previous quarter.
The board of Brazilian mining company Vale Mozambique presented the company’s operating and financial results for the second quarter of 2019 in Maputo this Wednesday.
The company’s Chairman of the Board revealed that projected coal production had been revised downwards this year from 14 million tonnes to 10 million because of heavy rain in the centre of the country.
Vale’s Chief Financial Officer, who presented the second quarter results, indicated that the mining company had revenues of US$271 million, 15 million less than in the first three months of this year, although production levels were slightly higher in the second quarter.
“The sales volume is in line with the first quarter at around 2.2 million tons. The impact on revenues was due to prices falling in the second half of the year compared to the first,” Marcelo Tertuliano said.
The management of the Brazilian mining company as a result foresees tax revenue to the Mozambican state falling this year, although it remains optimistic for the future.
By Edson AranteSource: O País