At one of the most anticipated side events of COP 27, Mozambique’s President Nyusi promoted a high-level discussion about the role his country is poised to play in the region’s energy transition process. Watch the video of the full-length panel featuring President Filipe Nyusi, Tony Blair, Executive Director of the Institute for Global Change and former Prime Minister of The United Kingdom and Northern Ireland, Akinwumi Adesina, President of the African Development Bank, Rick Duke, Deputy US Special Presidential Envoy for Climate and Mafalda Duarte, CEO of the Climate Investment Funds. Al ..read more

Mining company Vale Mozambique increased coal production by 92% in the second quarter of 2021 compared to the previous quarter, to 2.1 million tonnes, the company said in a statement on Monday. “Vale Mozambique was close to doubling coal production levels, compared to the first three months of 2021,” according to the note in the firm’s Financial and Production Report. According to the document, with the sale of coal in the second quarter, “the company earned $168 million, which corresponds to an increase of $56 million compared to the first quarter,” it added. In terms of coal transport by ..read more

At a time when funding for fossil fuel projects is drying up, Botswana is racing to develop six new coal mines and a rail link for exports, with the government prepared to put its own money into the projects. The southern African nation, the world’s second-biggest diamond producer, has more than 200 billion tons of untapped coal reserves. To kickstart the industry, it has turned to investors from the largest global coal consumer, China. “The country has good resources which are close to the surface,” Robson Mugomba, acting chief executive officer of the government’s Minerals Development C ..read more

Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corridor for total proceeds of US$ 270 million, comprised of US$ 80 million at Closing and US$ 190 million from the existing business until Closing; plus a 10-year Royalty Agreement subject to certain mine production and coal price conditions. The Closing of the transaction is subject to the satisfaction of customary conditions precedent, including the approval of the Ministry of Mineral Resources and Energy of Mozambique pursuant to the Mining Law No ..read more

South African petrochemical producer Sasol further revised down annual production forecasts on Tuesday for its Secunda operations (SO) in the northeast, as its coal mining unit failed to deliver the required level of stocks. The company had initially cut production forecasts in October for Secunda, which converts coal for use in the production of chemicals, solvents, and polymers after it shut down the plant for maintenance in the prior month. Sasol’s coal mines subsequently fell short of supplying the stock required for Secunda, prompting the plant to use stockpiles and hampering the impa ..read more

The United States joined Britain, France, Germany and the European Union on Tuesday in a multi-billion dollar partnership to help South Africa finance a quicker transition from coal, that will provide a model for other countries. British Prime Minister Boris Johnson told the United Nations COP26 meeting in Glasgow that the initiative was valued at $8.5 billion overall and would help move the world toward meeting its climate targets by “choking off international finance for coal”. South Africa, which is the world’s 12th biggest emitter of climate-warming gases and heavily reliant on ageing ..read more

Vale expects to receive binding offers for its coal business in early November, an executive said, as the company aims to completely exit the sector and has decided to divest of its Moatize asset even before it reaches goals projected in the firm’s business plan. “We have already received some indicative proposals to sell the business. Now we expect to receive binding offers in early November,” Vale’s Finance VP Luciano Siani said during a conference call. Vale signed a deal to acquire Mitsui& Co’s stake in the Moatize metallurgical and thermal coal mine and port project in Mozambiqu ..read more

South Africa is seeking cheap finance for more than R400 billion (US$27.6 billion) of electricity infrastructure as part of its plans to move away from heavily polluting coal, a senior presidency official said on Thursday. Through a funding facility backed by rich nations and development finance institutions, South Africa hopes to build more than R180 billion of cleaner power generation, 120 billion rand of transmission equipment, as well as substations, transformers and distribution technology. More than 80% of the country’s electricity is currently generated by burning coal, making it th ..read more

South Africa’s FirstRand will end funding for new coal-fired power stations and coal mines and has lowered the cap on its coal exposure as part of moves to reach net-zero emissions by 2050, it said on Wednesday. South Africa’s banks are the biggest on the continent, with the likes of FirstRand major lenders to fossil fuel projects, especially in oil and gas, and are increasingly under pressure from environmental groups to turn off the taps. FirstRand, which had previously said it would continue supporting coal due to its importance to the South African economy, said it would no longer fund ..read more

Investors interested in buying the Brazilian company Vale’s coal concession in Tete province will present “firm proposals” by December, Mozambique’s Minister of Mineral Resources and Energy announced this Tuesday. “We expect that, next month [September], the various interested investors will be able to carry out their ‘due diligence’ work, visiting the Vale project in Mozambique, and, by the end of December, will be able to present firm proposals,” Max Tonela told journalists. Minister Tonela said that the government would then assess the companies’ potential and rule in compliance with ..read more