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Moatize Coal Mining: Brazilian group Vale invests US$8 billion in Mozambique
VALE Investments by Brazilian group Vale are expected to total US$8 billion with the conclusion, this year, of the Nacala Logistics Corridor project, director of Vale Moçambique Sérgio Chitará, said cited by Mozambican newspaper Notícias.
According to the investment schedule presented by the company, the corridor, which was expected to cost US$4.5 billion and made up of a 912-kilometre railroad starting at Moatize, in Tete province, and a deep water port in Nacala-a-Velha, should be operational at the end of this year or beginning of next year.
The planned investment of US$8 billion also includes a project to double the production capacity of Vale’s mine, in Moatize, to around 22 million tons of coal per year.
Chitará, who made the statements at a seminar entitled, “Keep content local” organised by the Association for Trade, Industry and Services, said that the investment figure did not include the project for construction of the Moatize coal-fired power plant, the first stage of which is expected to cost US$1 billion.
The director of Vale Moçambique also said that, between 2008 and 2013, the company invested approximately US$3 billion in acquiring goods and services to make the project viable, and that some of this investment had been channelled to Mozambican small and medium-sized companies.