Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
Maputo - Mozambique has approved the creation of a state mining company that will explore and market its untapped mineral resources, a cabinet spokesperson said.
"The government has approved the creation of Mozambique Mining Exploration Company (EMEM, SA)," Luis Covane told a media briefing late on Tuesday.
"EMEM's principal objective is to explore geological mining, production and trade of mining products, the trade of raw material with mining utility, advising, consulting and undertaking research and prospection of mining resources."
EMEM, SA becomes the country's first state company to be licensed in the mining industry.
"We have reached a stage were we cannot just be regulators. The state also wants to participate in the research, production and trade of mining resources," Covane said.
Mozambique has been encouraging foreign companies to invest in its mining industry after the decades-long civil war resulted in large-scale damage to infrastructure, and the region's mineral wealth was all but ignored.
Significant investments resumed after hostilities ended in 1992.
- Reuters