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.
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.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
