Seoul, South Korea-based steelmaker POSCO announced Sunday a joint coal mine venture with the world's largest iron ore mining company, Brazil-based Vale, in Tete, Mozambique.
The coal produced in Tete, which is expected to total 11 million metric tons annually, will be used to generate electricity for POSCO's steelmaking operations.
POSCO expects to double its raw material self-sufficiency to 50 percent by 2014.