Essar Ports has announced the signing of a 30-year concession agreement with the government of Mozambique to develop a new coal terminal at Beira Port.
As per a statement, the project will be executed on design, build, own, operate and transfer basis through a subsidiary, New Coal Terminal Beira, SA, which is a joint venture between Essar Ports (70 per cent stake) and Portos e Caminhos de Ferro de Mocambique (30 per cent).
This will be Essar’s first port project in Mozambique, which is expected to give a huge boost to the company’s third-party cargo handling plans, as also enhance Mozambique’s coal handling capacity by 20 million tonnes/year in two phases of 10 million tonnes/year each.
The project will help Beira Port emerge as an export hub for coking coal, in the process reducing freight costs for its clients, the release said.
Mozambique, with an estimated over 23 billion tonnes of coal reserves, is a major exporter.[/vc_column_text]
