The state-held Portos e Caminhos-de-Ferro de Moçambique (CFM) has earned US$106 million by selling a block of shares it held in Corredor Logístico Integrado de Nacala (CLN), Transport and Communications Minister Carlos Mesquita announced on Tuesday in Maputo.
Mesquita specified that CFM maintained a stake in CLN’s share capital and that the proceeds from the sale would allow the company to improve its cash holdings and make a number of planned projects feasible.
The press has reported that the shareholder restructuring of the Northern Logistics Corridor is meant to improve logistics for Moatize coal in various transport chain segments, especially the coal and general cargo terminals in Nacala-a-Velha, and also regarding rail passenger transport service.
Mesquita said that lower raw materials prices had significantly changed the results of various financial models that were studied at a time when coal was priced from 140 to 150 dollars per ton.
“For example, Vale Moçambique continues to operate with losses, whereby the government accepted the sale of part of its coal-associated assets in Mozambique to the Japanese group Mitsui & Co., thereby allowing a strategic partner to enter,” he added.