Mozambique Plans for New Coal Exploration Licences

Mining.com reported today that Mozambique Mineral Resources Minister Esperanca Bias has stated that the country has plans to open bids for new coal exploration licences.

As quoted in the publication:

Bias said the licences will be issued in accordance with a new mining law requiring between 5% and 25% local ownership of resource projects. The new law is awaiting parliamentary approval, expected by the end of June. Anglo-Australian giant Rio Tinto (LSE:RIO) and Brazil’s Vale SA (NYSE:VALE) have invested heavily in Mozambique’s high-quality coking coal fields in recent years, but both miners have run into difficulties.

Click here to read the full Mining.com article.