TEMANE, Mozambique, May 30 (Reuters) - Mozambique wants Brazilian miner to list 10 percent of its local venture on the Mozambican stock exchange to widen participation in a coal mining boom in the impoverished African state, the minerals minister said on Wednesday.
According to proposed revisions in legislation, companies investing in Mozambique could be required to reserve between 5 and 20 percent of their local companies for placements on the bourse.
“We are now preparing all the processes and defining the rules, and once we finish, the stake will go to the market,” Esperanca Bias told Reuters.
“We cannot say when exactly it will happen, but it will be this year.”
Vale officials were not immediately available for comment.
Vale started producing coal at its Moatize mine last year and has approved a $6 billion expansion of the project to lift output to 22 million tonnes per year from the 11 million tonnes it expects to mine initially. (Reporting by William Mapote; Writing by Agnieszka Flak; Editing by Jon Herskovitz)