[miningmx.com] – BRAZILIAN firm Vale’s plans to finance the expansion of a railway through Mozambique from its Minas Moatize coal mine to the Nacala port were given a shot in the arm after the African Development Bank approved a $300m loan.
Citing an announcement by Vale, Reuters said that the Nacala corridor links areas in Zambia, Malawi and Mozambique with the port of Nacala on Mozambique’s Indian Ocean coast and will help Vale move coal from its Moatize coal mine in Mozambique to markets around the world.
Japanese trading group Mitsui Company also owns a 15% stake in the Nacala corridor project, said Reuters.
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