Mozambique Mining Industry: Indian acquisition is losing money and the Gov wants it taxed
The financial director of the Steel Authority of India Limited (SAIL) has revealed the losses currently being borne by the Benga coal operation in Mozambique’s Tete province. Anil Chaudhary reported that Benga’s production costs were $165/t while the current market price was around $130/t, meaning that Benga was losing about $35 on every ton it produced. The Mozambique operation has reserves of 2.6- billion tons, 70% of which is metallurgical coal, used in making steel.
Read More