Gecamines offers $1 million to block Chinese deal with cobalt miner Chemaf
Chemaf agreed to sell its assets to Chinese defence and industrial giant, China North Industries Corp, or Norinco in June.
Government officials in Mozambique have confirmed that Vale Mozambique, the local subsidiary of Brazil’s Vale SA, will make available 10% of its shares for purchase by local shareholders.
Interested investors will have to meet bidding eligibility criteria prior to acquiring shares. Share sales will be conducted through the Mozambican stock exchange.
The government aims to commence the bidding qualification process in early 2013.
Mozambique Mineral Resources Minister Esperança Bias said last week, “I can guarantee that we will, within a short period, announce the tender for the remaining 10% [of shares], which forms part of the 15% reserved for the State in the Moatize coal project.”
In addition, according to India’s Economic Times, state-run Coal India Ltd., the largest coal mining company worldwide, has moved its coal exploration concession in Mozambique’s Tete province to Thriveni Minerals Mozambique.
Coal India aims to invest around USD 80 million in the project. The concession may contain up to one billion tons of coal.
Source (English): Mining Weekly via BrightWire News.
