By Jorge Joaquim
The Mozambican state has already collected $40m in revenue from liquefied natural gas (LNG) production, and expects to earn $100m by the end of the year, up from about $30m last year, finance minister Max Tonela said in parliament yesterday.
Tonela added that the state expected to earn $100m a year in the first three years of production, rising to $300m in the fifth year.
On average, over 25 years, the state will collect $750m, he said speaking at a hearing on the draft law creating the sovereign wealth fund, which is up for debate today.
On the other hand, estimates indicate that Mozambique loses $250m a year due to under-invoicing of exports of mining products.
Tonela claimed that one graphite mining company declared half the price for graphite of another company, without mentioning names.
