Indian company Essar Ports of the Essar group plans to invest US$500 million to build a new coal terminal in Mozambique and expand the capacity of two domestic projects, Hazira and Salaya, the chief executive of the company said in Mumbai on Monday.

Rajiv Agarwal said that the investment will be made over the next two and a half years and will expand the company’s capacity to 150 million tons of coal a year from the current 110 million tons, according to the Press Trust of India news agency.

In August 2017, Essar Ports signed a 30-year concession agreement with the Mozambican government for construction of the coal terminal at the port of Beira, in Mozambique’s Sofala province.

The coal terminal to be built in Mozambique will be the only business that Essar Ports operates outside India, where it has port facilities in Hazira and Salaya on the west coast and Vishakhapatnam and Paradip on the eastern coast.

Previous articleSyrah Resources exports first graphite extracted in Mozambique
Next articleMozambique ruby project insurance claim settled