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All change for Rio on Moatize

Rio Tinto has downgraded production forecasts on its operations in the Moatize Basin in Mozambique’s Tete Province. The company bought Australian firm Riversdale Mining in 2011 precisely in order to take over the Moatize project but has now written down the value of the assets by 75%, admitting that it overestimated both the quality and the quantity of the reserves.
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The plans of other mining companies operating in Tete do not appear to have been affected and the government is still confident that the country can produce 100 Mt of coal a year by 2020.

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