Author: admin86

The Bank of Mozambique has denied it has any intention to forcibly convert dollar-denominated accounts at Mozambican banks into meticais, insisting everything it is doing to stabilise the currency is in line with existing foreign exchange legislation. Also today, the central bank announced it would cap overseas transactions on Mozambican debit and credit cards at...

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Vodacom in Mozambique has halved the amount of megabytes it gives on its cheapest two internet bundles, of 2MT and 3MT, which now offer 25MB for six hours or 100MB for one hour, respectively. The change, which came into force on 4 December, has been accompanied by an adjustment in the cheaper one-day price plans,...

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Omani sovereign wealth fund SGRF has offered to invest $100 million in Kenmare Resources, the Ireland-based company behind the Moma heavy sands mine on the Nampula coast, after Australian mining company Iluka’s attempts to buy the company failed. In a statement on 7 December, Iluka said its revised offer of around US$76 million was unlikely...

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The executive board of Portos e Caminhos de Ferro de Moçambique (CFM), the state company in charge of Mozambique’s ports and railway infrastructure, is back at full strength after the appointment of Anísio Binha as the fourth executive director on 3 December. Binha joins Joaquim Zucule and Agostinho Langa, both appointed on 9 October, and...

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Anadarko and Eni, the operators of the two offshore blocks in the Rovuma basin in northern Mozambique, on Thursday announced they have reached agreement on how to develop the giant gas resources that overlap their two areas. Anadarko also reached an agreement with the Mozambique government on how much gas it will supply to the...

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Brazilian mining giant Vale dispatched its first shipment of coal from its new purpose-built coal terminal at Nacala-a-Velha on 30 November, but challenges remain for it to make its integrated mining and export project profitable         First shipment left Nacala-a-Velha on 30 November         Moatize expansion will see Vale double coal production in 2016         Mitsui...

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Aid

The European Union on Thursday signed an agreement to give Mozambique €734 million in aid through 2020, with the twin aims of strengthening democracy and good governance and rural development. While some will be spent on projects run by non-governmental organisations, an unspecified portion will go straight to the country’s budget, likely to come as...

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Mozambique is inviting bids for construction work on the next development phase of Nacala port in the north of the country, funded through a 29 billion yen ($238 million) loan from the Japan International Cooperation Agency, or JICA. The project is expected by industry sources to be the biggest project in dollar terms that Mozambique will...

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