Rio Tinto takes to the seas
Mining giant Rio Tinto said it had begun shipping coal out of Mozambique, starting with 34,000 tonnes of coking coal from its Benga Mine in the Moatize Basin.
Mining giant Rio Tinto said it had begun shipping coal out of Mozambique, starting with 34,000 tonnes of coking coal from its Benga Mine in the Moatize Basin.
The first shipment left the Port of Beira today, bound for an Indian steel mill, the firm said.
Rio Tinto Energy chief executive Doug Ritchie said the shipment was the first step towards the company becoming a significant supplier of hard coking coal to the seaborne market.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The Moatize Basin is one of the most prospective coking coal regions in the world," he said.
"We continue to evaluate the most effective means of developing our resources to create value for shareholders and bring benefits to the people of Mozambique."
"We are also continuing to work with the Government of Mozambique to secure the development of comprehensive infrastructure for efficient transport of coal from mine to port, which is a priority for the further development of the region," he added.
The Benga Mine, located in the north of Mozambique, is operated by Rio Tinto and is a joint venture between Rio Tinto, which owns 65%, and Tata Steel, which holds the other third.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Wage growth slows again – will interest rates fall in November?
Wage growth has fallen to the slowest rate in more than two years, suggesting the labour market is cooling. Meanwhile, the unemployment rate has fallen but is unlikely to complicate the picture for rate setters
By Katie Williams Published
-
Working from home: is it working?
While Labour plans to make working from home the legal default, some employers are calling workers back into the office. What does the future hold?
By Simon Wilson Published