Arcem Resources, with headquarters in Mauritius, has acquired the Minas de Moatize mine, a company that has a coal concession in Moatize, a mining district of Tete province, central Mozambique, reported the Zitamar News website.
The Moatize mine was sold by Vitol, who took ownership in 2014, when the previous owner, British company Beacon Hill Resources, failed to pay a debt of US$10 million.
Arcem Resources is owned by South African businessman Paul Main, who has already chosen Gary Tullis to lead Minas de Moatize.
Arcem Resources already holds 98% of Arcadia Mining, a company with two mining licenses in Chitima, Tete, in an area close to the mining concession of Jindal África, Indian Group Jindal Steel & Power, and another of Eurasian Resources Group, of Kazakhstan.
In May 2016, the provincial director of Mineral Resources and Energy of Tete, Grácio Rosário, said that the Moatize mine was one of the three mining companies involved in coal mining in Tete province that were either at a standstill of operating on a part-time basis due to the fall in the price of raw materials on the international markets.
The three companies were, according to Rosário, the Mozambican subsidiary of Indian consortium International Coal Ventures Private Limited (ICVL), Jindal África and Minas de Moatize, which belonged to British company Beacon Hill Resources, which went bankrupt in 2015.
Source: Macauhub