Brazilian mining giant Companhia Vale do Rio Doce (CVRD) will begin mining the huge coal reserves in Mozambique’s Moatize region soon. The $2-billion project could become the southern hemisphere’s biggest coal mine.
CRVD, the world’s largest iron ore producer, is planning to mine about 21 million tons of coking, steaming, and thermal coal annually from Moatize. Moatize, a town in the Tete province in northern Mozambique, is believed to be the world’s largest unexplored coal province.
I also noticed that BHP is about to spend $1b on another project in Mozambique. Looks like its elephant country and RIV is finding massive amounts of coal [some seams are 40m think].
RIV Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
