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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