14 February 2013
Deal builds on Standard Bank Group's track record in Mozambique
Empresa Moçambicana de Exploraçāo Mineira SA (EMEM) has mandated Standard Bank Group to advise it on its current and future shareholdings in Mozambican mining companies and to advise EMEM as it works to develop the infrastructure required to unlock the full potential of mining projects in Mozambique.
After rigorous negotiations Standard Bank Group was also mandated to advise EMEM on boosting the commercialisation of the Mozambican minerals sector for the benefit of Mozambique. Standard Bank Group's mandate includes arranging finance for EMEM as it develops these activities. The official signing took place in Maputo today.
Antonio Manhica, EMEM's CEO, says: "EMEM's aim is to build a co-ordinated and efficient state mining company, a company that will operate for the benefit of Mozambique as well as the industry as a whole. EMEM believes that through strategic partnerships with companies like Standard Bank it can streamline the end-to-end mining value chain to derivemaximum benefit to all stakeholders. EMEM believes that with the right partners and with the mandate awarded to Standard Bank, EMEM will be able to fulfil its mandate to deliver a world class mining sector in Mozambique."
Antonio Coutinho, Managing Director of Standard Bank Mozambique, says: "This partnership with EMEM is an opportunity for Standard Bank to build on its track record in Mozambique and across Africa and to deploy the full range of Standard Bank's services in support of a key Mozambican client. Standard Bank has earned its mandate through its expert knowledge especially in commodities.
"The establishment of EMEM and Standard Bank's involvement will boost the commercialisation of mining opportunities that currently exist in Mozambique. Standard Bank believes that through targeted and focused co-operation between the mining sector and the Government of Mozambique, all parties can derive benefit. It is especially important for the people of Mozambique to benefit from the country's mineral wealth and the development of sustainable mining activities can only boost communities, develop infrastructure, generate profit for miners and contribute to Mozambique's GDP."
EMEM is the recently formed Mozambican national mining company that is responsible for ensuring that Mozambique derives maximum benefit from its minerals sector. The Mozambican coal sector has attracted significant investment from several major mining houses, including Vale, Rio Tinto, ENRC and Anglo American, and is expected to become a major global supplier of thermal and metallurgical coal over the next decade.
EMEM's remit covers all aspects of the minerals sector and Standard Bank Group will be supporting EMEM as the company works to boost the commercialisation of the whole Mozambican minerals sector.
Mr Manhica adds: "While EMEM and Standard Bank will initially focused on the coal sector we expect that thiscollaboration will continue as we begin to work in other parts of the mineral sector in Mozambique.
"We hope that the model being developed in Mozambique between EMEM and Standard Bank will be a model for other emerging economies with significant mineral resources and that such co-operation can be lead to greater efficiences, speedier project execution and the development of infrastructure that will remain available once a particular mine has closed."
For more about Standard Bank Group's presence in Mozambique, go to www.standardbank.co.mz.