POSCO and Vale join ands to develop coal mine in Mozambique

Sunday, 30 Jan 2011
Reuters reported that POSCO said that it has agreed with Brazilian miner Vale to jointly seek to develop a coal mine in Mozambique.
POSCO said in a statement “The coal mine, located in Tete, Mozambique, would be able to produce 11 million tonnes of coals annually, which will be used as raw materials or for power generation.”

It did not elaborate how much each company would invest.
POSCO, which aims to double raw material self sufficiency to 50% by 2014, has earmarked KWR 700 billion in raw material investment this year.
The agreement comes as a result of POSCO CEO Mr Chung Joon-yang's trip to four African countries last week, aimed at securing resources from the continent.(sourced:Reuters)