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Mozambique: Mining industry witnesses $2billion investments

APA

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Mozambique has said its mining and hydrocarbon sector received a total of $2 billion this year alone.The Minister of Mineral Resources, Esperanca Biasis was Thursday quoted by state-run broadcaster radio Mozambique as saying this was a significant growth when compared to previous years.

“Our preliminary data of investments this year alone are in the region of $2 billion with great emphasis on hydrocarbon exploration” said Bias.

During the year, according to the minister, continued evaluation of natural gas discoveries in the Rovuma basin, where is concentrated the activity of hydrocarbon exploration, involving dozens of
foreign multi-national firms.

The government argued that in this region, the effective natural gas exploration can begin in 2018.

According to the minister, this year the sector grew by eight percent, the same growth witnessed in recent years and is expected to continue in the coming years.

Mozambique has become a magnet in the scramble by foreign multinational firms willing to pour billions of dollars to tap its unexplored natural resource wealth.

So far, global miner, Brazil´s Vale, Anglo-Australian Rio Tinto and other firms from the United States, the UK, Italy and France are active in the northern regions exploiting oil and gas.

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