Anglo faces headwinds in keeping restructuring on track
Anglo has been forced to accelerate its restructuring after successfully holding off a bid from BHP, the world’s biggest miner.
The world’s largest producer of iron ore, Vale, plans to invest US$250 million to restart the Moatize coal mine in Mozambique. Vale has been the concession holder on coal mining in Moatize since 2004, when it paid over US$123 million for the license. The company expects coal production to begin in 2010 and 2011. The reserves are estimated at 2.4 billion tons of coal, making the Moatize mine the largest in the country.
