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MMEC 2024: “The Extractive Industry Has Already Generated $12.3B for Mozambique Since 2020”, Filipe Nyusi

MMEC 2024: “The Extractive Industry Has Already Generated $12.3B for Mozambique Since 2020”, Filipe Nyusi

The extractive industry plays a fundamental role in the development of the global economy and, in Mozambique, the sector continues to drive the evolution of the economy, with an estimated growth of 15.5% in recent years, making it one of the areas that contributes most to the “good performance” of the national trade balance.

Mozambique has a wide range of natural resources, including natural gas, coal, heavy sands, rubies, sapphires and emeralds, the export of which has earned the country more than 12.3 billion dollars (777.3 billion meticals) since 2020.

“In accumulated terms, in the period ranging from 2020-24, the extractive sector has earned more than 12.3 billion dollars, with the export of products such as mineral coal, natural gas, heavy sands, rubies, sapphires and emeralds,” said Mozambican President Filipe Nyusi.

Speaking during the opening ceremony of the 10th edition of the Mozambique Mining and Energy Conference and Exhibition (MMEC), which is taking place in Maputo, the head of state stressed that the extractive industry provides a solid basis for boosting the economy, and is an element that stimulates social growth.

According to the statesman, the exploration projects that are underway are of great value for the future, and by having a positive impact they open up space for the creation of more jobs for young people and place the country on a high level in terms of international recognition.

For this reason, he said it was necessary to mobilise more investment for the satisfactory implementation of some initiatives that are still “on the ground”, turning challenges into opportunities.

Also in his speech, Filipe Nyusi said that the situation of instability in Cabo Delgado, in the north of the country, cannot be a barrier to the development of mining projects, much less to the return of liquefied natural gas (LNG) exploration and production activities in area 1 and area 4 of the Rovuma basin, which are operated by TotalEnergies and ExxonMobil, respectively.

The exploration projects that are underway are of great value for the future, and by having a positive impact they open up space for the creation of more jobs for young people and place the country on a high level in terms of international recognition

“We need to speed up the return of projects. Terrorism cannot be an obstacle, there are interventions that have been made, of which we highlight the effort and delivery of the National Defence Forces (FDS), the Rwandan Defence Forces and the Southern African Development Community Mission in Mozambique (SAMIM),” he explained.

Recently, the chairman of TotalEnergies, Patrick Pouyanné, announced that he had obtained good results from discussions with the contractors, who agreed not to inflate the costs of the contracts for the construction of the natural gas production and exploration centre in Cabo Delgado province.

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“We had a good discussion with the contractors. So the good news I can confirm is that we have actually come back and have good contracts with everyone. We have realigned all the contractors because it is in the interests of both parties to carry out the project. We will soon be meeting with the head of state, Filipe Nyusi, to discuss security in the country and the resumption of activities interrupted by the terrorist attacks,” he emphasised.

ExxonMobil said last July that the project to export liquefied natural gas in Mozambique is on track for final approval in 2025.

“A lot depends on the security situation, which has been very well managed. The local government is doing a good job and we hope to see more positive news in this regard by the end of the year,” said the company’s vice-president for oil and gas exploration, Peter Clarke, at a conference in Vancouver (Canada).

The conference, organised by the Ministry of Mining Resources and Energy (MIREME) through the National Hydrocarbons Company (ENH), in partnership with AME Mozambique and AMETrade, is taking place in Maputo under the slogan “Partnerships for Prosperity: Unlocking Mozambique’s Resources to Advance National and Regional Economic Growth”. It lasts two days (2 and 3 May) and brings together government officials, businesspeople and experts in the extractive and oil and gas fields.

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