London, England — 03 April 2013 – Anglo American “’ one of the world’s largest mining groups “’ has dropped out of acquiring a 58.9% stake in the Revuboé coking coal project in Mozambique at a total investment of some US$555 million.
The group “’ which recently announced a loss of US$363 million in 2012 due to a drop in the price of some commodities, and to an impairment of US$4.9 billion related to the Minas-Rio project, in Brazil “’ said in the statement here that the transaction had depended on some conditions that were not met following nine months of negotiations, and “it was decided not to move ahead with the deal.”
The conditions were confidential and no details were given of the deal in which Anglo American was preparing to buy 58.9% of Minas do Revuboé, which was on sale following the death of previous owner and Australian millionaire Ken Talbot, and in which it would have partnered Japan’s Nippon Steel and South Korea’s Posco.
In the statement the group said that, although it had dropped out of the deal, it was still planning to be part of the coking coal business in Mozambique.
Source: Anglo American. For more information, click here.