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Chinese firm to invest $500 million in Mozambique heavy sands project

Reuters - UK Focus

JOHANNESBURG, Dec 13 (Reuters) - Mozambique on Friday signed a deal with Anhui Foreign Economic Construction Group under which the Chinese group will invest $500 million to explore and develop the Chibuto heavy sands project in the southern province of Gaza.

The project covers an area of 11,000 hectares and has the potential to produce 70 metric tonnes of ilmenite, used to manufacture titanium dioxide for paint pigments.

The southern African state previously awarded the venture to BHP Billiton (NYSE: BBL - news) , but revoked the licence in 2010 after the global resources company failed to meet a deadline to start operations.

Irish company Kenmare Resources (LSE: KMR.L - news) mines ilmenite and zircon from its Moma mine in Mozambique's Nampula province.