Grindrod: Magnetite to fill Matola terminal

Logistics group Grindrod planned to switch to processing mainly magnetite instead of coal at its Matola terminal in Mozambique, once it reached a target to more than double capacity, a company official said yesterday. The port aimed to process 20 million tons of minerals a year by March 2018 from the current 7.5 million tons, Grindrod Terminals commercial executive Sean Rowan said. “Originally the expansion was driven primarily around coal, but with the decline in the coal market we have had to look for a different strategy. Magnetite will be the main volume driver,” Rowan said. Magnetite is a naturally occurring magnetic iron oxide used in industrial and other applications. The expansion would be in phases, with capacity seen at 12 million tons by July 2016, Rowan added, without saying how much it would cost. Grindrod gained 0.61 percent to R24.93. – Reuters