China has deepened its interest in Mozambique's natural resources, agreeing to invest $1bn in a coal project.
Wuhan Iron and Steel, one of China's biggest steel producers, will spend $200m (€163m, ￡134m) on an 8 per cent share of Riversdale, a listed Australian company developing coalfields in Mozambique's Tete province. Wuhan will commit an additional $800m to the Zambeze coal reserve.
The deal extends the interest of big emerging market steel producers in Riversdale. India's Tata Steel already owns a 22 per cent stake in Riversdale and Brazil's CSN has 16 per cent of the company.
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