Vale Moçambique from January to October of this year has extracted about 10 million tonnes of coal from its mine in Moatize, in Mozambique’s Tete province, almost doubling the amount of 5.9 million tonnes extracted in the same period of 2016, said the subsidiary of Brazilian group Vale.
Read MoreThe Nacala Project Finance proceeds as planned, with the approval of the NEXI and JBIC Councils taking place during 3Q17, Vale says in its latest 3Q17 Performance Report. Now with all creditors (including AFDB, ECIC and commercial banks) completing their approvals, the next step is the signing of Project Finance, which will take place on November 22, 2017.
Read MoreCoal production reached 3.0 Mt in 2Q17, a record production for a quarter, with production coming exclusively from the Moatize mine in Mozambique. Total coal production was 24.8% and 101.8% higher than in 1Q17 and 2Q16, respectively, with two-thirds of total production being of metallurgical coal.
Read MoreCoal will be Mozambique’s top exportrevenue earner over the medium term, according to the Economist Intelligence Unit (EIU). This will be the result of improving security in the central region of the country and rising global coal prices. Details of the EIU report were released by Portuguese news agency Lusa.
Read MoreVale (NYSE:VALE) confirms the appointment of Fabio Schvartsman as its new CEO to replace Murilo Ferreira in late May. Schvartsman, who has been the CEO of Klabin (OTCPK:KLBAY), Brazil’s largest paper and cardboard producer, for the past six years, had not figured in media reports as a potential replacement for Ferreira until very recently.
Read MoreVale (NYSE:VALE) says it is nearing the conclusion of a deal to sell a stake in Mozambique’s Moatize coal project to Japan’s Mitsui (OTCPK:MITSF, OTCPK:MITSY), culminating nearly three years of talks.
Read MoreVale Mozambique, a subsidiary of Brazilian group Vale, had an operating loss of US$105 million in 2016, a figure which compares with a loss of US$508 million in 2015, said the mining group as it published it accounts for the fourth quarter and 2016.
Read MoreVale Moçambique, a subsidiary of Brazilian group Vale, extracted 5.5 million tonnes of coal from its mine in Moatize, in Mozambique’s Tete province, a 10.7% increase over the 4.96 million tonnes recorded in 2015, the group said in a statement.
Read MoreThe Brazilian major mining group Vale reported on progress at its Mozambique operations during its latest presentation to the NYSE. These comprise the Moatize coal mine and the Nacala Logistics Corridor. Moatize is primarily a metallurgical, or coking, coal mine, while the Nacala Logistics Corridor is composed of new and refurbished railway lines linking Moatize (and the city of Tete) to the port of Nacala, via Malawi, as well as a coal terminal in that…
Read MoreSecurity measures implemented earlier this month on the Sena Railway in Mozambique have allowed Brazilian mining giant Vale to resume coal transport. The country’s state-owned transport utility Empresa Portos e Caminhos de Ferro de Moçambique (CFM) took responsibility for ensuring security on the line, after a string of attacks by Renamo forces.
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