Rio Tinto Completes Sale Of $50m Mozambican Coal Asset To Indian Consortium

 Editor Business, Mining & Construction

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Mining giant, Rio Tinto Group says it has completed the sale of its Mozambique coal mining assets to Indian public-owned consortium, International Coal Ventures Limited (ICVL).
“The group’s remaining assets in Mozambique are not affected by this transaction,” said Rio Tinto Group in a statement.
ICVL recently began acquisition of three coal mines in Mozambique’s Tete province from mining giant Rio Tinto group for over $50 million. Rio Tinto previously controlled 100 percent of Zambeze and Tete Oriental coal mines and 65 percent in Benga mine in Tete province.
Mining sector in Mozambique contributes less
than 5 percent of the nation’s gross domestic product (GDP).
The southern African nation exported its first batch of coal in 2011 and expects to become the world’s largest coal exporter, though a civil and dilapidated infrastructure have slowed the sector’s progress. It is also spending about $50 billion in infrastructure projects to access coal reserves.
Other minerals currently being mined in Mozambique include marble, bentonite, gold, bauxite, granite, titanium and gemstones.