Rio Tinto has backflipped on plans to retain its troubled Mozambique coalmines and is seeking to sell part or all of the assets amid growing political turmoil in the region and the need to develop a long-term infrastructure solution. Rio has met with a number of investment banks to sell all or part of Rio Tinto Coal Mozambique, which includes the 100 per cent ownership of the Zambeze Project and Tete East Project as well as controlling interests in the Benga mine and the Zululand Anthracite Colliery. Brazilian iron ore giant Vale – which shares the Sena rail line with Rio – is an obvious candidate for all or part of the assets given its nearby operations, according to investment bankers with knowledge of the asset. Anglo American is also believed to be interested.
See http://www.afr.com/p/business/companies/rio_tinto_set_to_dump_mozambique_EPyUEo2xO4X8fJqBKuuX6O.
Rio Tinto suspends coal exports from Mozambique
The mining giant Rio Tinto has suspended coal exports from northwest Mozambique, the company said. The opposition Renamo party has threatened to disrupt the Sena railway line in Tete province, which carries coal to the coast. Recently, former guerrillas have taken up arms, more than 20 years after the country’s civil war ended.
See http://www.bbc.co.uk/news/business-23065597.