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Investment in Mozambique mining rockets

The wet concentrator
plant at Kenmare’s
Moma project in
Mozambique
 
Maputo, Mozambique — MININGREVIEW.COM — 22 May 2009 – Direct investment in the various mining sectors of Mozambique has shown a dramatic eight-fold increase over the past four years as international interest in the southern African country has mounted steadily.

Mozambican newspaper “O Pais” has quoted minister of mineral resources Esperanca Bias, as saying that direct investment had leapt from US101 million (R900 million) in 2004 to USD$804 million (R7.2 billion) last year. The minister added that this sharp upward trend in growth had resulted in the value of annual mining production rising from US$35.2 million (R315 million) to US$257 million (R2.3 billion) in the same period.

“The production of mineral resources will have a further impact on economic growth and the improvements of national budget with the undertaking of projects under way in the coal industry, and the discovery of hydro-carbonate reserves in the country,” she added.

Bias said that the Kenmare Resources US$460 million (R4.1 billion) titanium mine in northern Mozambique had been the most significant recent investment in the country.

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