The project is a joint venture between CFM, Grindrod and DP World, the joint owners of port operating company Maputo Port Development Company.
The project is funded by equity contributions from the shareholders and by external debt provided by the Standard Bank of South Africa.
Grindrod said the cost of the dredge will be recovered through a dredging tariff that is to be levied on port users.
The tariff has been designed by an international port consultancy to ensure equitable distribution among port users so that those vessels that will benefit the most from the increased draught will bear a greater proportion of the cost.
Grindrod said the vessel TSHD Pallieter arrived in Maputo on September 19 to commence the dredging of the access channels, basins and berths in the Port of Maputo.
"The dredging project is the first major capital project undertaken following the extension of the MPDC concession agreement by the Government of Mozambique on 30 July 2010 and reflects the shareholders commitment to the Port of Maputo to fully implementing the Port Master Plan," Grindrod said.
This project will allow the port to handle fully laden Panamax vessels with a gross tonnage of up to 70,000 tonnes, enhancing its attractiveness to potential port users through greater efficiencies, wider market access and improved port accessibility.
The dredging to be performed by Mascarenes Dredging & Management Services (Mascarenes) will take between four and six months to complete and will result in the depth of the Port being increased from the current 9.4m to 11m.
"The Port is currently restricted from realising the growth potential envisaged by the Port Master Plan because of its inability to consistently handle larger vessels, which are forced to wait for favourable tides at the present design depth," Grindrod said.
The dredge will involve the removal of almost two million cubic metres of material, including a portion of rock identified in one area of the access channel. Mascarenes will be employing a brand new technology to deal with the rock outcrop.
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