Maputo, Mozambique — 17 April 2012 – The Mozambican state netted US$5.2 million in 2011 as a result of taxes on coal production from the Moatize project by Brazilian mining giant Vale, according to the Mozambican mining resources minister.
Citing the Mozambican news agency AIM, Macauhub News Agency quotes minister Esperança Bias as saying that in the next few years the state would collect revenues not only from tax on coal sold, but also on surface area tax. This tax varied based on the size of a given exploration area. There would also be other taxes and charges as outlined in Mozambique’s current legislation.
The minister was speaking after signing an agreement with Brazilian group Vale in terms of which the mining group transferred a 5% stake in the Moatize mine to the Mozambican state, represented by mining company Empresa Moçambicana de Exploração Mineira.
The document put in place an agreement set out in 2004 in terms of which Vale would transfer 15% of the Moatize project “’ 5% of which would remain in the hands of the Mozambican state,
while the remaining 10% would be taken on by private Mozambican investors.
Source: Macauhub news agency. For more information, click here.