Judge Efigénio Baptista said, tonight, that the court’s wish is to finish reading the sentence of the “Undeclared debts” case tomorrow, which involves 19 defendants The session ended at around 6:30 pm, with the reading of the criminal liability of the defendant Renato Matusse, who benefited from 1,668 thousand dollars. .The financial scandal caused a financial deficit of 2.2 billion dollars for the Mozambican state.Read more…Source:Jornal Notícias
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US-China battle for Cabo Delgado graphite continues with high profits, but few local jobs In September, Shandong Yulong Gold committed an additional investment of US$3.4 million and visited and approved the project on 22 November. Shandong Yulong appears to be part of Shandong state-owned enterprises, with participation from Chinese private investors. Triton Ancuabe is adjacent to the German-owned AMG Graphit Kropfmuhl (GK) graphite mine, 80 km west of Pemba. Both were attacked by insurgents in June and development work was suspended. Triton, in a 2017 proposal, said the mine would be so profitable that it would pay off all its construction costs in just 3.7 years and have a rate of return (IRR) of 37 percent. Construction costs would be US$100 million and it would have net income of US$1.2 billion (before interest, taxes, depreciation and amortization – EBITDA) over the life of the project. More than $200 million would be paid in taxes, the proposal stated. Graphite is essential for the anode of lithium-ion batteries. The battery is charged by moving lithium ions from the cathode to the anode, where the ions are stored in spaces in the graphite structure. Thus, graphite is in increasing demand for electric cars and other non-fossil fuel systems. Suddenly Cabo Delgado is of great interest to the US and China. The US is subsidizing Syrah further west in Balama to open a plant in Louisiana in the US to manufacture the anodes. The anodes are not complicated and can be manufactured in Mozambique. But none of those mines will produce anything more than refined graphite to send to China, the US and Europe for processing – because the government has never required them to create manufacturing jobs. The original mining concessions were awarded to Grafex, owned by Edson Tomas Sixpense and Dercio Lionel Alexandre Chiziane, who sold it to Triton in 2014 -Development-of-Ancuabe.pdf e https://www.tritonminerals.com/ wp-content/uploads/2018/05/17_12_15_Ancuabe_Definitive_Feasibility_900.pdf). Chinese mining company DH Mining is opening a graphite mine in Nipepe, Niassa. In 2019, DH Mining’s contract was suspended due to lack of consultation with the local population and lack of environmental study, but was later resumed. The equipment arrived this year from China. Triton must also import equipment from China. (J.H.) Source: Letter from Mozambique