February 1, 2011 / 9:41 AM / 9 years ago

POSCO says no plan to develop coal mine in Mozambique

SEOUL, Feb 1 (Reuters) - South Korea’s POSCO , the world’s No.3 steelmaker, said on Tuesday that it does not plan to develop a coal mine in Mozambique, denying its statement over the weekend for such a plan with Vale .

“We don’t have any plan to develop a coal mine in Mozambique with Vale and our earlier statement had factually wrong information,” POSCO said in a statement on Tuesday. POSCO, which aims to double raw material self-sufficiency to 50 percent by 2014, has earmarked 700 billion won ($627 million) in raw material investment this year.

Last week, POSCO signed a memorandum of understanding with Anchor in Zimbabwe to build a joint mining venture to develop chrome, coal and other raw materials. (Reporting by Miyoung Kim; Editing by Lincoln Feast)

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