Mozambique has very rich ore deposits, and the mining sector, comprising of coal, iron and other metals, gemstones and heavy minerals, is booming. This sector, which traditionally represents most of the country's exports, offers great potential for investment in the next decade.

The north of Mozambique is rich in deposits of natural gas. In May 2012, the companies Anadarko Petroleum (USA) and ENI (Italy) announced discoveries of 20 trillion and 40 trillion cubic meters of natural gas, respectively. These natural gas reserves have the potential to make Mozambique a major global supplier. In December 2015, the two energy giants reached an agreement for the development of the gas reserves in two offshore areas.

The year 2011 saw an important milestone for the mining sector: Mozambique started exporting coal. There are several companies active in coal mining. The most important coal deposits are found in the province of Tete. The coal company Ncondezi, active in this province, estimated reserves at 4.655 million tons of coal. One of the most important buyers is the Tata Steel. It is likely that in the next decade the export of coal will supplant that of aluminium, traditionally the most important export product of the country.

Other foreign companies have also invested heavily in this sector. The Irish company Kenmare Resources explores heavy minerals sands ore deposits in the province of Nampula, where they extract ilmenite and zircon. The British company Gemfields acquired a majority position in a ruby deposit in the province of Cabo Delgado. Baobab Resources Group is working on a project to explore deposits of iron ore, vanadium and titanium in the province of Tete. These reserves are estimated at 750 million tons.

A summary of some of the projects in the mining sector in Mozambique, from north to south:
-    Cabo Delgado: Graphite in Ancuabe;
-    Nampula and Maputo: Cement factories of Osho Cement in Nacala and
      Salamanga (investment of 600 million USD);
-    Tete: Moatiza Mines (1535 million USD investment); Coal Project Benga
      (investment of USD 849 million)
-    Gaza: Chibuto heavy minerals project (investment of 1382 million USD).

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