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Mozambique seeks to off-load 10% stake in Chiuta iron ore project

The government of Mozambique intends to off-load its 10% interest in the Chiuta iron ore project in the country on the Mozambican stock exchange, Macauhub reported Dec. 12, citing Letícia Klemens, the country's minister of mineral resources and energy.

Klemens made the announcement during the signing ceremony of a mining contract with Baobab Resources Plc subsidiary Capitol Resources but gave no further details.

Speaking on the occasion, Baobab Managing Director Ben James said the integrated mine and steel project will establish Mozambique as a regional exporter of steel.

The project will require an investment of about US$20 million.