Brisbane, Australia — 23 August 2013 – The Australian metals group Cokal has set up a partnership with the Mozambican state mining company Empresa Mozambicana de Exploração Mineira to mine coal in Mozambique.
Macauhub News Agency quotes Australia’s Business News magazine as reporting that the Cokal group chief executive Peter Lynch said that the agreement signed with Empresa Moçambicana de Exploração Mineira (EMEM) focused on mining coal together in Mozambique and setting up mines and other related facilities.
EMEM will have 20% ownership and Cokal will provide exploration funding for a three-year period, which will earn it an 80% stake in the joint venture.
Noting that Mozambique would become Africa’s largest coking coal producer, as well as one of the world’s largest, Lynch said that the agreement “shows the confidence there is in Mozambique, both in terms of mining high quality coal and of the stable business climate.”
EMEM is a company set up by the Mozambican government to take part in mining projects, to explore mining resources and to add value to the country’s mining products.
Source: Macauhub News Agency. For more information, click here.