Mozambique 29 March: Another deal done
Good afternoon. Another major investment in Mozambique closed this week, with Mitsui finally paying for the stake in Vale’s coal and logistics projects that it agreed to buy in 2014. For Vale, which appointed a new CEO this week, the influx of funds will be a relief.
SEE: Mitsui completes $733m investment in Vale’s Mozambique coal projects
Audit firm Kroll will not hit their end of March deadline to publish their report into the EMATUM, ProIndicus, and MAM deals. The UK-based investigators have asked for another month to finish their eagerly-awaited audit, which could hold the key to a restarting of international financial assistance for Mozambique.
SEE: Kroll audit into Mozambique loans extended by another month
Cahora Bassa hydroelectric dam, the ‘Pride of Mozambique’, has signed a smaller power export contract with Zimbabwe than last year - a state of affairs which probably suits both the cash-strapped Zimbabweans, and Cahora Bassa dam, where water levels were badly hit in last year’s drought.
SEE: Zimbabwe signs downsized deal with Mozambique’s Cahora Bassa hydro
Savannah Resources’ latest resource estimate at its sand mining project in Inhambane province shows the project could become a “significant producer of titanium feedstock”, the company’s CEO said this week - coinciding with existing producer Kenmare Resources’ financial results showing the market for titanium inputs is on the up.
SEE: Savannah ups heavy minerals resources estimates at its Mutamba project
And finally, the bodies of the five Mozambican victims of the plane crash just over the border in Zimbabwe have been repatriated today. Four employees of Cornelder, including the brother of Mozambique’s Minister of Transport, and the company’s Zimbabwean accountant died, along with two pilots who were father and son of the same family.
FREE TO READ: Six feared dead in Mozambique plane crash at Zimbabwe border