Second phase of Vale’s Moatize project in Mozambique due for conclusion in 2014

The second phase of the Moatize project of Brazilian mining group Valestone mill gold mine is expected to be concluded in 2014 and will represent an investment of US$1.658 billion, US$161 million of which have been consigned for this year, the group said Wednesday in Rio de Janeiro.

According to results documents for the third quarter of the year, the second phase of the Moatize project, located in Mozambique’s Tete province, includes opening a new mine, construction of a new coal reception and preparation unit and extending storage space, as well as all associated facilities. Moatize II will add 11 million tons of coal per year to total capacity, 70 percent of which is expected to be metallurgical coal and 30 percent thermal coal. As the coal operation is logistics intensive, Vale is investing in the Nacala Corridor, including construction/renovation of the railroad and construction of a....