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Mozambique Mining Report Q3 2009
Business Monitor International, July 2009, Pages: 63
The Mozambique Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Mozambique's mining industry
Government officials remain positive about the outlook for Mozambique’s mining sector, but it is likely to be affected by the global downturn and falling commodity prices. Speaking at the World Economic Forum in January 2009, Mozambique’s Prime Minister, Luisa Dias Diogo, said the country’s economy should grow by 6.5-7% in 2009, and that the downturn would be countered by higher agricultural input and aid flows. The national director of Mining Resources, Fatima Momade, said in July 2008 that the mining and oil sectors should be the primary drivers behind GDP growth hitting around 15% by 2010 it is unclear whether this figure has been revised. Momade was upbeat on the prospects for the Moma and Chibuto minerals projects and the Moatize coal project. Some US$217mn was invested in the country’s mining sector in 2007, up from US$169mn in 2005, but it seems unlikely that this upward trend will hold. The government is also taking steps to speed up the awarding of mining licences by putting maps detailing existing licence holders online. At present, prospective miners must apply for mineral licences from local directorates, who then have to go manually search paper records to check whether the area has already been sold off; however, unconfirmed reports in January 2009 suggest that the government may cancel all mining licences held by companies not mining the areas granted to them.
The government is prioritising the provinces with the most mining activity (such as Manica, Tete, Zambezia and Nampula), but hopes to have the entire country mapped eventually.
There are several high-profile mining projects underway in the African nation, including Vale’s US$1.5bn Moatize coal project, Kenmare Resources’ US$450mn Moma titanium project and Corridor Sands’ Chibuto heavy mineral sands project. However, reports at the time of writing from the Mozambique News Agency suggest that the latter project may be put on hold for several years.
Since 2003, the mining industry of Mozambique has attracted increased attention from the private sector. Capital inflows have surged and a number of companies from countries such as South Africa, Russia, Brazil and India are buying stakes in mines throughout the country, signifying the emerging importance of Mozambique’s mining industry in its economy. Direct investments in mining increased fromUS$101mn in 2004 to US$804mn in 2008, according to the government. The diverse geology of Mozambique offers a range of minerals and metals including gold, uranium, titanium, coal and bauxite. The Manica belt spanning western Mozambique is the primary source for the country’s gold, copper, iron ore and lead resources. High-grade bauxite is also found here.
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