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Kenmare Resources posts record ore production in Mozambique in 2016

Irish mining company Kenmare Resources achieved record production in 2016 in the exploration of heavy sands deposits in Moma, Nampula, Mozambique, according to a statement released on Monday in Dublin.

The press release said the company saw record production in annual, quarterly and monthly terms (December) for all the main products extracted in Moma: ilmenite, rutile and zircon.

Ilmenite production increased by 18% to 903,300 More

EITI implementation in Mozambique costing over one million dollars

Mozambique needs to spend at least US$1 million a year to fully implement the Extractive Industries Transparency Initiative (EITI), the national coordinator of the EITI said on Tuesday in Maputo.

Custodio Nguetane was speaking at the end of an audience granted by Mozambican Prime Minister Carlos Agostinho do Rosario, to the president of the International Council of EITI, Fredrick Reinfeldt, who is visiting Mozambique, More

Mozambique goes into default with its creditors

The government of Mozambique announced it would fail to pay the January coupon relative in the amount of US$59.7 million to holders of an issue of 726.5 million euros due to mature in 2023, in a statement from the Ministry of Economy and Finance issues on Monday in Maputo.

The statement explained the default was due to degradation of the country’s macroeconomic More

New contracts to prospect for hydrocarbons in Mozambique signed by June

Negotiation of contracts for oil and natural gas exploration areas in Mozambique resulting from the fifth international tender launched in 2014, could be finalised by the end of next June, according to government forecasts.

The government of Mozambique approved model contracts for hydrocarbon areas but foreign oil companies are still not sufficiently familiar with the document, which is why they have been More

Countries such as Mozambique, Guinea-Bissau and Sao Tome and Principe should diversify exports

Developing and low-income countries, such as Mozambique, Guinea-Bissau and Sao Tome and Principe, should seek to diversify their economies and exports, said the International Monetary Fund (IMF) in a recently released report.

The report on “Low Income Developing Countries” that are exporters of raw materials said these countries remain under “significant economic pressure,” with anaemic growth, large fiscal imbalances and weak foreign More

Mozambique’s economic growth is expected to increase from 2018

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Mozambique will return to a period of increased economic growth between 2018 and 2021, during which the economy is expected to grow at an average rate of 5.1%, according to the latest forecasts from the Economist Intelligence Unit (EIU).

However, the publication points out that, even reaching an average rate of 5.1%, the economy continues to grow at lower values ​​than the More