Mozambican Port and Rail company to invests USD 840.3 million in rail network.

Mr. Sancho Quipico Junior, CEO of Mozambican port and rail company Portos e Caminhos de Ferro de Mozambique, announced at the 4th Annual Conference of the Port of Maputo that the company plans to invest USD 840.3 million by 2016 in the three railways in the south of the country and on buying new electric locomotives.

By 2021, CFM plans to spend almost USD 1.3 billion, 72% of which on purchasing equipment and the remainder on repairing and or building infrastructure.

At the same conference officials also announced that the port of Maputo was being used by Salgaocar Swaziland to send iron ore to China and that so far the company had exported over 1 million tonne.

Steel Guru