Japan pledges $672m to drive Mozambique’s gas, coal growth

Japan has pledged 70 billion yen ($672 million) of aid to help develop Mozambique’s coal and gas sectors over the next five years.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Japanese prime minister Shinzo Abe met with Mozambique president Armando Guebuza in Maputo on Sunday January 12 at a Mozambique-Japan investment forum to sign the agreement, sources told Steel First on Monday.

Japan already has a significant footprint in Mozambique, with conglomerate Nippon Steel & Sumitomo Metal (NSSMC) holding coking coal mining rights in the country’s coal-rich Tete province, and Japanese government bodies providing $84 million for the development of Mozambique’s Nacala port.

Tete province boasts some of the world’s largest reserves of high-grade coking coal, used in the steelmaking process.

Mining majors Vale and Rio Tinto have both developed extensive mining operations in the province, but exports from the region have been hampered by infrastructure issues.

What to read next
Any bolstering effect on US ferrous scrap exports from the up-month in February’s domestic trade will be tempered in the immediate aftermath of two earthquakes in Turkey — the country’s largest importing region — on Monday, February 6
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.