Vale Invests $250m In Mozambique Coal Mine
The world’s largest producer of iron ore, Vale, plans to invest US$250 million to restart the Moatize coal mine in Mozambique. Vale has been the concession holder on coal mining in Moatize since 2004, when it paid over US$123 million for the license. The company expects coal production to begin in 2010 and 2011. The reserves are estimated at 2.4 billion tons of coal, making the Moatize mine the largest in the country.
This is a syndicated post. Read the original here.