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S&P maintains Mozambique’s rating and warns that gas evolution is crucial

“Mozambique’s ability to meet its trade obligations depends significantly on the resumption and completion of a key liquefied natural gas project led by TotalEnergies,” reads the note accompanying the decision, announced to maintain the rating at CCC+, with a Stable Outlook.

In the report, S&P says that “the project has been delayed due to persistent security risks in the Cabo Delgado region, but without significant deterioration of the security situation, the project could restart in the second half of 2023.

The stable outlook for the rating – which thus remains in one of the lowest places on the rating scale, indicating vulnerability and risk for investors – takes into account the country’s current financial capacity and uncertainties regarding future revenues.

“The stable outlook balances our view on Mozambique’s financial capacity to meet its financial obligations over the next 12 months with uncertainties about when liquefied natural gas production will begin and the associated revenues become available to the government,” reads the detailed explanation of the rating action.

First LNG export will take place between October and November – INP

The information was given to Reuters by the National Petroleum Institute (INP), at a time when Europe is facing a gas supply crisis.

Citing Welligence Energy Analytics, Reuters reports that the BP.L LNG tanker from England has already arrived off northern Mozambique.

“Regarding LNG exports, it will be to European markets as BP is committed to bringing gas resources to Europe,” INP said in an emailed response to Reuters.

All of South Coral’s annual gas production – 3.4 million tons – has been contracted to BP for 20 years.

The shipment of Mozambican LNG will help ease gas shortages in Europe as winter approaches following Moscow’s invasion of Ukraine in February and Russia’s subsequent decision to reduce supplies to major European Union economies.

Millennium bim announces 30 billion meticals to support the economy

The announcement was made during the first edition of the “Millennium bim Business Days”, which brought together about 200 businessmen at the Sena Hotel in the city of Beira, Sofala Province.

The event aimed at sharing experiences and finding solutions for the challenges that are imposed to the development of Small, Medium and Large Enterprises in that province, in an effort where the bank praises its commitment as a reference financial institution in supporting enterprises in Mozambique.

“We witnessed a very frank and open debate in which it was possible to identify the various challenges that are imposed on us, however, some solutions were also collected with much pragmatism, always aiming at the full realization and development of the potential of the region of Sofala province,” said the President of the Executive Committee of the Bank, José Reino da Costa.

Reino da Costa also said that “if we observe Mozambique’s financial statistical system, what we can see is that banks have become more prudent in recent years, and this aspect translates into less credit concession, since the risks are greater and banks, in order to protect the money of their clients, become more cautious. However, we as Millennium bim, as there are promising projects properly conceived, reiterate our commitment to continue to support the economic development of the country”.

S&P mantém rating de Moçambique e alerta que evolução do gás é crucial

“A capacidade de Moçambique cumprir as suas obrigações comerciais depende significativamente do recomeço e finalização de um projeto fundamental de gás natural liquefeito liderado pela TotalEnergies”, lê-se na nota que acompanha a decisão, anunciada ontem (21.10), de manter o ‘rating’ em CCC+, com Perspetiva de Evolução Estável.

No relatório, a S&P diz que “o projeto tem sido adiado devido aos persistentes riscos de segurança na região de Cabo Delgado, mas, sem uma significativa deterioração da situação de segurança, o projeto poderá recomeçar na segunda metade de 2023”.

A perspetiva de evolução estável para o ‘rating’ – que continua assim num dos lugares mais baixos da escala de ‘rating’, indicando que há vulnerabilidade e risco para os investidores -, tem em conta a atual capacidade financeira do país e as incertezas relativamente às receitas futuras.

“O ‘outlook’ estável equilibra a nossa visão sobre a capacidade financeira de Moçambique para cumprir as suas obrigações financeiras nos próximos 12 meses, com as incertezas sobre quando é a que a produção de gás natural liquefeito vai começar e as receitas associadas ficam disponíveis para o Governo”, lê-se na explicação detalhada sobre a ação de ‘rating’.

Primeira exportação GNL será feira entre Outubro e Novembro – INP

A informação foi dada à Reuters pelo Instituto Nacional de Petróleo (INP), numa altura em que a Europa enfrenta uma crise de fornecimento de gás.

Citando a Welligence Energy Analytics, a Reuters reporta que o navio-tanque BP.L LNG, da Inglaterra, já chegou ao largo do norte de Moçambique.

“Em relação à exportação de GNL, será para os mercados europeus, pois a BP está comprometida em levar os recursos de gás para a Europa”, disse o INP em resposta por e-mail à Reuters.

Toda a produção anual de gás da Coral Sul – 3,4 milhões de toneladas – foi contratada à BP por 20 anos.

O carregamento de GNL mocambicano ajudará a aliviar a escassez de gás na Europa, à medida que o inverno se aproxima, após a invasão da Ucrânia por Moscovo, em Fevereiro, e decisão posterior da Rússia de reduzir o fornecimento às principais economias da União Europeia.

 

Millennium bim anuncia 30 mil milhões de meticais para apoio à economia

O anúncio foi feito durante a primeira edição das “Jornadas Empresariais do Millennium bim”  que juntou, cerca de 200 empresários no Sena Hotel, na cidade da Beira, Província de Sofala.

O evento tinha o objectivo de partilhar experiências e encontrar soluções para os desafios que se impõem ao desenvolvimento das Pequenas, Médias e Grandes Empresas naquela província, num esforço onde o banco enaltece o seu compromisso enquanto instituição financeira de referência, no apoio às empresas de Moçambique.

“Assistimos um debate muito franco e aberto em que foi possível identificarmos os vários desafios que nos são impostos, no entanto, foram igualmente colhidas algumas soluções com muito pragmatismo, visando sempre a realização plena e o desenvolvimento do potencial da região da província de Sofala”,  disse o Presidente da Comissão Executiva do Banco, José Reino da Costa.

Reino da Costa afirmou ainda que “se observarmos o sistema estatístico financeiro de Moçambique, o que se verifica é que os bancos tem se tornado mais prudentes nos últimos anos, e este aspecto  traduz-se numa menor concessão de crédito, uma vez que os riscos são maiores e os bancos, no sentido de proteger o dinheiro dos seus clientes, tornam-se mais cautelosos. Porém, nós como Millennium bim, havendo projectos promissores devidamente concebidos, reiteramos o nosso compromisso em continuar a apoiar o desenvolvimento económico do país”.

BM provides USD 380 million to improve access to Nacala Corridor

Of the amount, over $150 million will be used for roads on the Malawi side and the remaining $230 million on the Mozambique side.

The Minister of Transport and Communications, Mateus Magala, said that the project essentially aims to ensure that agricultural products are brought from the growing areas to major urban centers, thus allowing the connection between markets and creating conditions to transform the corridor into a space for industrialization.

The leader was speaking at the end of his recent working visit to the districts of Nacala-Porto and Nacala-a-Velha, where he was accompanied by the Malawian ministers of Transport and Public Works and of Land and Urban Planning, Samuel Kawale and Jacob Hara, respectively.

BM disponibiliza USD 380 milhões para melhorar acesso ao Corredor de Nacala

Do valor, mais de 150 milhões de dólares serão usados para as estradas do lado do Malawi e os restantes 230 milhões do lado de Moçambique.

O ministro dos Transportes e Comunicações, Mateus Magala, disse que o projecto visa essencialmente garantir que os produtos agrícolas sejam trazidos das zonas de cultivo para os maiores centros urbanos, permitindo assim a ligação entre os mercados e criar condições para transformar o corredor em espaço para a industrialização.

O dirigente falava no final da visita de trabalho que efectuou  recentemente aos distritos de Nacala-Porto e Nacala-a-Velha, em que se fez acompanhar pelos ministros malawianos dos Transportes e Obras Públicas e da Terra e Planificação Urbana, Samuel Kawale e Jacob Hara, respectivamente.

Mozambique on the European Union credit card suspension list

Maleiane assures that there is no reason for panic, for people wishing to travel abroad, due to the circulation of news in the international press about the alleged risk of suspension of Mozambican credit cards in the European Union.

At issue is an alleged failure by the Mozambican authorities to comply with security measures recommended by the Financial Action Task Force (FATF), an international body that monitors the application of laws and measures against money laundering and the financing of terrorism.

“They always send supervisors, if we can call them that, who work with us and then produce a report. This report, right now, is at the level of the Financial Action Task Force, which hasn’t said anything about Mozambique yet,” Maleiane pointed out.

In his opinion, the reports that circulate in the international press “are not correct”. In his view, the institutions should be left to function freely: “This is a process of mutual evaluation which is normal. Then, on the 21st (Friday), a decision will be made whether what we have done is sufficient or not,” he said.

Kenmare’s Moma mine contains more than 6.3 billion tons of mineral resources

Kenmare also revealed that the Moma Mine has a mine life of over 100 years given its current production rate.

“Kenmare’s vast mineral resource base at Moma is sufficient to support production at current rates for over 100 years and provides significant opportunities for further mine expansions in the future to meet the growing demand for these products,” it read.

The Moma mine contains globally significant reserves of heavy minerals that include the titanium minerals ilmenite and rutile (used primarily to produce the titanium dioxide pigment), as well as the mineral zircon.

Titanium dioxide pigment is used to impart whiteness and opacity in the production of paints, paper, plastics and other products. Zircon is used primarily in the manufacture of ceramics.

The company’s principal activity is the operation of the Moma Titanium Minerals Mine, located on the northern coast of Mozambique which began commercial operation in 2009.