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Corredor Ferro-Portuário - Chitima-Moatize-Macuse
> Infrastructure plays a critical role in economic development and growth. Poor quality of
energy and transportation infrastructure (roads, rail, ports) severely impacts overall
economic competitiveness in sub-Saharan countries. The African Development bank
estimates that poor infrastructure reduces productivity by 40% and cuts the pace of
economic growth of the continent by 2 percentages point per year.
> Africa is the region with the largest needs of infrastructure investments, estimated
at US$93 billion per year, with a shortfall of US$32 billion according to the
Program for Infrastructure Development in Africa (PIDA).
> Improved road and rail connections between large urban areas, land locked natural
resources and efficient interfaces with trade hubs (ports and airports) are critical to step
up the economy, foster regional integration and boost trade (domestic and cross-border).
> The region’s rail infrastructure, in particular, is severely deteriorated by decades of
under investment. Railway can provide the most cost efficient mode of transport
for large freight volumes. It can move large quantities through dedicated corridors
while reducing traffic pressure on the poorly maintained road networks and
opening up the possibility of passenger transport in the near future.
> iven the major role of commodities in Africa’s exports, the importance of
efficient ports and an adequate rail network cannot be overestimated.
Areas with potential to host new rail projects
Source: ALG in “Rail Infrastructure in Africa – African Development Bank”
1. MARKET CONTEXT
INFRASTRUCTURE IN AFRICA
GDP growth
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
1. MARKET CONTEXT
THE MOZAMBIQUE OPPORTUNITY
> Since independence in 1975, the country has faced critical developmental challenges
including widespread poverty and inequalities, low diversification of the economy, with
most of its workforce employed in the agricultural sector, and periods of political
unrest.
> The discovery of huge natural gas and coal reserves in Mozambique, and the ensuing
strong increase of foreign direct investments since 2010, represent a unique
opportunity to accelerate the country’s socioeconomic development.
> In the wake of the “hidden-debt” crisis in 2016 the economy has experienced a severe
downturn, with real GDP growth plunging to an estimated 3.4%, down from an annual
average of around c.7% in the previous five years.
> Nevertheless Mozambique has remained one of the top 5 destinations of foreign direct
investment (FDI) in the continent, largely due to the resource-related mega-projects.
> The economy showed signs of improvement in 2017, with growth estimates ranging
between 4.5% - 5.5% driven by exports and mega-projects in the
resources/extractives sector.
Top FDI
destination
countries 2016
USD
billion
Main target sectors
Egypt 10.1 Real estate, oil, gas, renewables
Morocco 4.9 Renewables, real estate, auto
Angola 4.4 Oil, gas, communications, transportation
Ghana 3.6 Oil, financial services, construction
Mozambique 3.4 Transport, coal, gas, real estate
Ethiopia 2.7 Chemicals, real estate, textiles
South Africa 2.8 Coal, oil, gas, transportation, auto
6,46,7
7,1 7,2 7,17,4
6,6
3,4
4,5
5,5
0
2
4
6
8
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
% growth
Mozambique Sub-Saharan Africa Africa
Source: African Economic Outlook 2017, AfDB
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
1. MARKET CONTEXT
THE MOZAMBIQUE OPPORTUNITY
> Mozambique has significant gas and coal reserves along with a vast potential in the field of renewable energies.
The country is the third richest country after Nigeria and Algeria in terms of natural gas proven reserves, and the
thermal and metallurgical coal resources in the Moatize Basin in Tete province are estimated at c.28 billion
tons.
> Coal exports from Mozambique started in 2011. Since then, improved rail and port infrastructure has allowed
annual exports to increase from 0.6 million tons to 11 million tons in 2017, even in the context of weak coal prices.
> Infrastructure remains a key constraint for the development of several coal mine projects in the Tete region. At the
moment there are three operating mines and several other mine projects waiting to be developed.
> nsidering the operating mines, known projects and the existing resources, the country has the potential
to become one of the world’s top coal exporters. Developing efficient infrastructure is seen as critical to
unlock the value of these natural reserves. Once vital infrastructures are in place, the country will be
positioned as a potential key supplier to the Asian economies see appendix: summary profile of operating
miners and selected projects.
Coal Proven Reserves
at end 2016 –Top 10 billion tonnes
24,2
25,6
25,6
28,0
34,4
36,2
94,8
144,8
160,4
244,0
251,6
Poland
Indonesia
Kazakhstan
Ukraine
Germany
India
Australia
Russia
China
USA
BP Statistical Review of World Energy, June2017
Moz estimates
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
1. MARKET CONTEXT
COAL MARKET OVERVIEW
Due to transportation costs
and consumer patterns (coking
coal/thermal coal), the trade of
coal is divided into two large
regional markets: i) the
Atlantic market, and (ii) the
Pacific market.
The coking coal trade has a
small number of key suppliers
(Australia, USA, Canada,
Russia) strong potential in
Mozambique.
As coal is mostly used in the
countries where it is mined, the
international coal trade
accounts for a relatively small
percentage of total coal
production (c.19% in 2015),
the majority of which via
seaborne trade. Only mines
with low production costs and
good transport links to sea
ports can competitively deliver
coal overseas.
Key net exporters
Key net importers
Colombia and Russia are swing suppliers (Atlantic/Pacific)
Australia and Indonesia dominate the Pacific market
Sources: IEA, World Coal Association, Euracoal
USA
Colombia
Venezuela
RSA
Russia
Australia
Indonesia
China
UK Germany
Turkey
India
Japan
Thailand
Taiwan
Malaysia
South Korea
N.Korea
Russia, Colombia, RSA and the US are the major Atlantic suppliers
mill
ion
to
nn
es o
il eq
uiv
.
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CORREDOR FERRO-PORTUÁRIO
COAL MARKET OVERVIEW
> Coal production has fallen in 2014 for the first time since the 1990s, influenced by the slower growth in the Chinese steel and cement sectors and the country’s
push towards cleaner energy sources. Power generation accounts for c.60% of coal demand in China. The steel and cement industries have a share of c.26%
(compares to c.4% in the US and c.14% in the EU).
> The Asia region is the biggest market for coal. Within it China is, by far, the largest consumer with a global share of c.50% but India is the market with the
fastest growth over the last 10 years (surpassing the US in 2015). In the US and EU the coal demand has been falling since 2007/2008 due to natural gas
competition and environmental regulations.
> Oversupply, the price of natural gas and increasing environmental concerns are the chief factors negatively impacting the coal industry.
> After a long price slump from 2012 to 2015, coal prices have since entered a period of heightened volatility and have recently shown signs of pick up.
19%10%
42%46%
3.1
95
3.3
32
3.4
41
3.4
41
3.6
33
3.8
97
3.9
39
4.0
06
3.9
92
3.8
87
3.6
56
6%8%
0
1100
2200
3300
4400
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Russia Indonesia India Australia USA China RoW
Coal Production, 2006-2016
* Food&Beverages commodities, Agricultural raw materials, Minerous
and non-ferrous metals, energy commodities
** Natural Gas, Crude Petroleum, Coal
18%
10%7%
11%
46%
52%
0
500
1000
1500
2000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Russia Japan USA India China
mill
ion
to
nn
es o
il eq
uiv
.
Coal Consumption - top 5 countries, 2006-2016
Sources: World Energy Council- ‘World Enery Resources 2016’; WTO– ‘World Trade Statistical Review 2017’; BP statistical review of world energy, June2017
Export Prices of Primary Commodities, 2006-2017
share
104
138
266
149
206
254
202177
149121
138
172
119132
185
117147
201
203196
180
9981
102
0
75
150
225
300
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
Q1
Coal Energy commodities** All Primary commodities*
INDEX 2005=100
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CORREDOR FERRO-PORTUÁRIO
COAL MARKET OVERVIEW
> In absolute terms, coal was the fastest growing fuel source between 2000 and 2014, with an impressive 64% increase in consumption. In spite of the
increasing pressure from the transition to renewable and cleaner sources of energy (natural gas), coal remains a key energy source and is forecast to
maintain a declining but strategic share over the coming decades.
> There is however a marked regional divergence, with Asia accounting for circa two thirds of global coal consumption. The coal share in the energy mix is
much higher in the Africa and Asia regions. In these regions coal share will outpace the decline in the global market share but it will still account for a very
relevant share in the long term. In fact while it is forecast to slip to third place in the global energy mix, in the Asia and Africa regions coal will keep the top
spot ahead of natural gas and liquids.
158,2 161,9 161,9 158,8 159,3 160,5
575 605 635 663697
736
0
200
400
600
800
2015 2020 2025 2030 2035 2040
Qu
adri
llio
n B
TU
Liquids Natural Gas Coal Nuclear Other (renewab.)
Global Energy Consumption Mix
27,5% 26,8%25,5%
23,9% 22,8% 21,8%
44,9%43,5%
41,0%
38,0%35,6%
33,6%
20%
30%
40%
50%
2015 2020 2025 2030 2035 2040
World share Asia+Africa share
Sources: World Energy Council- ‘World Enery Resources 2016’; US EIA- ‘International Energy Outlook 2017 ‘
8
76
51
26
195
306
383
31
8
22
36
LatAm
Africa
East Eur./Eurasia
Russia
Other Asia
India
China
Other OECD countries
Japan
USA
EU28
Coal Share in Energy Consumption Mix Cumulative Coal Based Power Plant
Addition, 2015-2040 in GW
Key markets for Moz coal
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CORREDOR FERRO-PORTUÁRIO
COAL MARKET OVERVIEW
108.24
700.75 > Mozambique is ideally
located to efficiently supply
the Asian region, where the
world’s largest coal
consuming economies are
located.
COAL FINAL CONSUMPTION (Mtoe)
Source: IEA, Atlas of energy 2015
Source: IEA, Atlas of energy 2015
119
117 99
81
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
NET TRADE OF COAL (Mtoe)
> Although China is the world’s largest
producing and consuming market, India
grabs the top spot as the world’s largest
net importer of coal (119 Mtoe), with
Japan a close second (117 Mtoe).
CORREDOR FERRO-PORTUÁRIO
COAL MARKET OVERVIEW
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CORREDOR FERRO-PORTUÁRIO
CHITIMA-MOATIZE-MACUSE
> Foi atribuída a concessão para construir e operar o corredor ferroviário entre Macuse-Moatize (484 km) com extensão a Chitima e o porto de Macuse com
uma capacidade inicial de 33 mtpa, extensível até 100 mtpa para o transporte de carvão, carga geral e passageiros.
> Este projecto é de importância vital para a logística do sector mineiro, na medida em que permite garantir a abertura da bacia de Moatize ao mercado
internacional, assegurando um custo logístico mais competitivo face aos concorrentes mais directos, nomeadamente Austrália e Indonésia.
> O Investimento total ascende a 2.700 milhões de $USD
> Infraestrutura ferroviária (Moatize – Macuse) ascende a 1.8900milhões de $USD
> Infraestrutura portuária ascende a 810 milhões de $USD
> Frota ferroviária ascende a 300 milhões de $USD
ATRIBUI CONCESSÃO Ministério de
Transportes e
Comunicações
Thai
Mocambique
Logística S.A.
(TML)
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
ESTRUTURA ACCIONISTA CORREDOR FERRO-PORTUÁRIO
CHITIMA-MOATIZE-MACUSE
CFM 20%
Codiza 20%
Operador
Portuário
Operador
Ferroviário
Minas Clientes de
carvão
Contratos de
transporte de
longa duração
ITD 60%
Ministério de
Transportes e
Comunicações
Thai
Mocambique
Logística S.A.
(TML)
ATRIBUI
CONCESSÃO
> Thai Moçambique Logística S.A. (TML) é uma Companhia constituída de
acordo com a Lei de Moçambique
> TML é participada por:
> Italian-Thai Development PCL (ITD), da Tailândia (60%).
> Portos e Caminhos de Ferro de Moçambique, E.P. (CFM), de
Moçambique (20%).
> Corredor de Desenvolvimento Integrado do Zambeze, SA (CODIZA),
de Moçambique (20%).
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
BREVE DESCRIÇÃO DO PROJECTO
> Linha Férrea
Vai ser construída uma linha férrea
de alta performance, para o
transporte do carvão, cargas geral
e passageiros entre a região de
Moatize/Chitima e o novo porto a
ser construído no Rio Macuse.
O comprimento total da linha férrea
é de 639 km.
Macuse
Moatize
Mutarara
Chitima
Doa
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
ALINHAMENTO GERAL
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
LOOPS DE ACESSO ÀS MINAS
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
LINHA FÉRREA-PARÂMETROS DE PERFORMANE
Item Descrição
Bitola 1.067 mm
Carga por eixo 26 toneladas
Número de linhas principais
Via única com 22 cruzamentos
Sinalização Automática com comando centralizado
Pendente máxima 0,5% para comboios carregados, 1,0% para comboios vazios
Composição do comboio 2 locomotivas + 140 vagões de 104 toneladas brutas
Comboios em operação 14 comboios por dia
Duração do ciclo 30 Horas
Capacidade por comboio 11.200 toneladas líquidas
Frota 30 locomotivas e 2100 vagões
Comboios de passageiros 2 por dia
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
BREVE DESCRIÇÃO DO PROJECTO
O novo porto marítimo de águas
profundas, será construído de
acordo com os Padrões Marítimos
Internacionais com uma
capacidade inicial para Carvao de
33mtpa, extensível até 100mtpa.
Irá acolher outros terminais para
carga geral e especializados.
> Porto
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
TERMINAL PORTUÁRIO
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
PORTO DE CARVÃO-CAPACIDADE MÁXIMA DE 100 MTPA
Iteme Descrição
Cais de carga para
carvão
2 navios tipo panamax 80,000 DWT
Velocidade de carga 10.000 toneladas/hora
Cais de rebocadores
2 rebocadores de 80 toneladas com 90m de comprimento
Cais Roll-on-roll-off Nivelamento
baixa (L= 40m), média (L= 24m), alta (8m)
Terminal de líquidos
1 Cais de 120 m
Paredões Norte – 4000m de comprimento
Sul – 3000m de comprimento
Canal de acesso 14 Km
Área de Stock de carvão 1.200.000 toneladas
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
LINHA FÉRREA-PARÂMETROS DE PERFORMANE
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
AREA DE CONCESSÃO E JURISDIÇÃO PORTO MACUSE
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
SUPINHO
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
MACRO ESTRUTURA FINANCEIRA DO PROJECTO
TML
Mozambique Take or Pay
Counterparties
Parent
Companies
Revenue
PRI Cover
Guarantees /
LCs
Sinosure MIGA
Development
Financial
Institutions
Export Credit
Agencies
China State banks
/ Commercial
Lenders
Guarantees
Long term debt
ITD (60%) CFM (20%) CODIZA (20%)
Completion Support Equity
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CRONOGRAMA DO PROJECTO
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CRONOGRAMA DO PROJECTO
Corredor Ferro-Portuário - Chitima-Moatize-Macuse
CONTACTOS
Mamed Latif
Administrador
Thai Moçambique Logistica, S.A.
+258 848 207 597
José Fonseca
PCA
Thai Moçambique Logistica, S.A.
+258 846 068 727