show me the money, page-57

Few years away but might come into play.....


New Mozambique coal, oil port approved
Reuters | Fri, 08 May 2009 12:26



[miningmx.com] -- State-run Mozambique Ports and Railways company (CFM) received the go-ahead for the building of a new deep-water port to handle at least 50 million tonnes of heavy cargo per year, a senior official said on Friday.
CFM's Chief Executive Rui Fonseca said the project, first discussed in 2000, was delayed due to a lack of environmental permits given its proximity to tourist areas, and financials, but construction was now expected to start in two years.
The $550 million port will be developed in partnership with British-based Porto de Dobela (PDD) and is expected to generate annual revenues of at least $300 million, he said.
"The project has the nod to go ahead ... in two years we will roll it out. All the technical aspects have been concluded, (we are) now closing deals with financiers," he said, without providing details.
Fonseca said CFM decided on the new port as the existing terminals at Maputo and Matola could not handle large quantities of coal and petroleum products.
The port will be built in the district of Matutuine, on the coast of the southern province of Maputo.
He said the new port is expected to harbour vessels with a cargo capacity of up to 300,000 tonnes each.
The port will be used to distribute fuel from the 350,000 barrels-per-day refinery to be built in the same area, and to export coal from Botswana and South Africa.
The port, to be based closer to South Africa's chief coal producing areas than the country's own Richards Bay Coal Terminal, could help coal producers save on transport costs.