MOATIZE, Mozambique, March 12 (Reuters) - Mozambique coal company Ncondezi (NCCL.L: Quote) plans to invest up to $400 million in the Zambezi coal basin and is expected to start producing coal by 2015, Chief Executive Graham Mascall said on Saturday.
"We will invest between $380 and $400 million by (2019)," he said.
Ncondezi is planning to produce coal in the Zambezi coal basin of Mozambique in the same area where mines are being developed by Brazilian mining giant Vale (VALE5.SA: Quote) (VALE.N: Quote) and Riversdale Mining (RIV.AX: Quote).
It also hopes to export 10 million tonnes a year of thermal coal -- used to fuel power stations -- to the Indian market by 2015.
"We start by producing 2.5 million tones on coal by the first quarter of 2015 then expand our output," Mascall said, adding that the group may export coal to India, Brazil and China. (Reporting by Charles Mangwiro; editing by Gugulakhe Lourie, sourced :Thomson Reuters)
"We will invest between $380 and $400 million by (2019)," he said.
Ncondezi is planning to produce coal in the Zambezi coal basin of Mozambique in the same area where mines are being developed by Brazilian mining giant Vale (VALE5.SA: Quote) (VALE.N: Quote) and Riversdale Mining (RIV.AX: Quote).
It also hopes to export 10 million tonnes a year of thermal coal -- used to fuel power stations -- to the Indian market by 2015.
"We start by producing 2.5 million tones on coal by the first quarter of 2015 then expand our output," Mascall said, adding that the group may export coal to India, Brazil and China. (Reporting by Charles Mangwiro; editing by Gugulakhe Lourie, sourced :Thomson Reuters)
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