MAPUTO, Mozambique, Sept. 12, 2025 (GLOBE NEWSWIRE) -- Stonecoal SA, represented by SVS CONSULTANTS FZCO, today announces the formal submission of its operational plan to develop the Revuboè basin's multi-billion-dollar coal concession (4064C). This timely move follows the Mozambican government's June 2024 decision to revoke the concession, previously held by Australian company Minas de Revuboè (MdR) for over a decade, due to inactivity and regulatory non-compliance.
Photo Courtesy of SVS Consultants
MdR, which first obtained the concession in 2013, remained inactive for more than ten years. In May 2024, MdR attempted to sell a 92% stake in the asset to India's JSW Steel for $74 million-an action that reportedly breached Mozambique's Mining Law, which prohibits transferring licenses without prior government approval. As a result, the Ministry of Mineral Resources and Energy formally withdrew MdR's rights, underscoring Mozambique's commitment to transparent governance and lawful management of major resources.
Responding to this opportunity, Stonecoal SA-a Mozambican mining firm-submitted its new operational plan in August 2024, aiming to re-activate the Revuboè site in line with government priorities for economic revitalization. The company emphasizes its commitment to responsible mining, best practice standards, and full regulatory compliance. Additionally, Stonecoal SA clarifies that none of its directors are affiliated with Vulcan (Jindal), in response to recent media reports.
A Council of Ministers resolution from July 2024 sets out the government's reasons for withdrawing the former license: "lack of exploration works" and an unauthorized attempted transfer. In place of a transfer, a new concession was opened to Mozambican firms via a compliance-driven proposal process-a step reflecting the government's proactive approach to reactivating dormant concessions and boosting national development.
Currently, Mining Concession 4064C remains unassigned in Mozambique's official database, with Stonecoal SA's proposal under review by authorities. While Stonecoal confirms the timely submission of its application, it will not provide details of any ongoing legal matters concerning the concession, in line with international media and newswire standards.
The mining sector news unfolds as Mozambique also manages a high-profile $120 million arbitration claim in France from ETG Group, linked to seized agricultural exports involving GMO compliance. This and the coal concession bid underscore Mozambique's current efforts to balance investor confidence, regulatory modernization, and economic growth.
SVS CONSULTANTS FZCO is the official communications partner for Stonecoal SA, ensuring full transparency and accurate disclosure to stakeholders.
About Stonecoal SA
Stonecoal SA is a Mozambican mining company dedicated to responsible development of the country's natural resources, focusing on sustainable mining, community engagement, and regulatory compliance.
Contact Information: SVS CONSULTANTS FZCO
Contact Person's Name: Mr. Haroon Rashid
Organization: SVS CONSULTANTS
Phone Number: +97154 541 3354
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c64f123b-61ec-459a-a227-e02405d65c99
