London, England — 26 July 2012 – Global mining giant Anglo American plc has announced that it has agreed to acquire a 58.9% interest in the Revuboè metallurgical coal project in Mozambique from the Talbot Estate for a total cash consideration of approximately US$555 million.
Revealing this in a statement issued here, the miner said that the Revuboè project was a joint venture partnership and included Nippon Steel Corporation (33.3% interest), and POSCO (a 7.8% stake).
The Revuboè project has a reported JORC resource of 1.4 billion tonnes of hard coking and thermal coal suitable for open cut mining, with the potential to support the export of 6 to 9Mtpa on a 100% basis.
Anglo American chief executive Cynthia Carroll said: “The acquisition of a majority interest in Revuboè is in line with our strategic commitment to grow our global metallurgical coal business to supply our customers from each of the key metallurgical coal supply regions of Australia, Canada and Mozambique.
Revuboè is located in the most attractive area of Mozambique’s Moatize coal basin and has a number of infrastructure development options. “We look forward to working with the government of Mozambique and our joint venture partners to progress this exciting prospect,” Carroll added.
The Transaction is subject to a number of conditions and is expected to be completed during the third quarter of 2012.
Source: Anglo American plc. For more information, click here.