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Friday, February 17, 2012

Japan and Mozambique to cooperate on development of coal, oil and natural gas

Friday, 17 Feb 2012

Japan and Mozambique will cooperate on the development of coal, oil and natural gas in the southern African country as global competition to secure natural resources intensifies.

A memorandum of cooperation was signed today in Tokyo with Mozambique’s mineral resources ministry, the Ministry of Economy, Trade and Industry of Japan said in a statement. The agreement also covers the participation of Japanese companies in development projects.

Nippon Steel Corp and POSCO the largest steelmakers in Japan and South Korea, are investing in the $600 million Revuboe coking coal project in Mozambique. Coking coal and iron ore are the key raw materials used to make steel.

(Sourced from Bloomberg)

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