March 20 (Bloomberg) -- Rio Tinto Group, the world’s second-biggest mining company, set up a joint venture with Mozambique Mining Exploration Co. to explore for coal in the country’s Tete province.
The Changara Mines venture will be 75 percent-held by a unit of Rio and the rest by Mozambique Mining, London-based Rio said in a statement. Rio will transfer three exploration licenses to the venture, it said.
“We want to develop a global competitive coal industry to contribute to Mozambique’s prosperity,” Eric Finlayson, Rio’s local director, said in the statement yesterday. The U.K. company will fund the prospecting and research, it said.
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