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Private Indian company Essar Ports plans to get its shareholders’ support to invest US$25 million in a partnership in Mozambique to build a coal terminal at the port of Beira, in Sofala province, the Press Trust of India (PTI) reported.
The investment will be used to build a coal terminal with initial capacity of 10 million tons per year and to set up a bank guarantee worth US$10 million in the partnership’s name, PTI said citing a statement addressed to shareholders.
The partnership, called New Coal Terminal of Beira (NCTB), will be set up by Essar Ports, with a 70 percet share and state rail and port company Portos e Caminhos de Ferro de Moçambique (CFM), with the remaining 30 percent. The terminal may later be expanded to a capacity of 20 million tons per year if demand calls for it.
In the statement to shareholders, the board of Essar Ports said that NCTB had been provided with a document by the Mozambican Ministry for Transport and Communications granting it a long term concession for this project.
The company said it was sure that there would be no lack of cargo for the future terminal given that large mining groups, such as Brazil’s Vale and Anglo-Australian company Rio Tinto, are now involved in coal mining in Tete province.