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Mozambique to set up independent fund to invest mineral sales income

Mozambique’s government plans to set up a sovereign investment fund where taxes paid on sales of the country’s minerals will be used to finance development projects, State-run AIM news agency said on Monday quoting the finance minister. Minister of Economy and Finance Adriano Maleiane said the new fund would have capital gains taxes paid on the sales of shares in the country’s mineral resources as the main source of funding.