(2014-01-09) Mozambique may be one of the biggest growth stories in the global mining sector in 2014, according to a research report published by US company Fast Market Research and cited by Mozambican news agency AIM.
According to the report, the combination of investments in “considerable coal reserves,” and the “relatively strong,” business climate may contribute to rapid growth of production.
“We expect growth in the value of the Mozambican mining sector from US$259 million in 2012 to US$724 million in 2017 and GDP growth of 1.8 percent in 2012 to 2.9 percent in 2017,” the report said.
Growth in coal exploration, together with an increasing number of surveys and discoveries of natural gas have made the mining sector one of the most dynamic in Mozambique, having seen investments in the order of US$2 billion in 2013, the Mining Resources Minister, Esperança Bias said recently.
“Almost all of the coal produced will be exported and with that Mozambique has the potential to become one of the biggest exporters on a global scale,” said the report, noting that China and India may be the main destinations for those exports.
The mining companies that operate in Mozambique are expected to produce around 100 million tons of coal by 2025.