Coal from the Talbot
Group “’ selling off its
Mozambique coal
assets
 
Maputo, Mozambique — MININGREVIEW.COM — 27 February 2012 – The Mozambican government has netted almost US$77.3 million in taxes from the sale of its stake in mining company Minas do Revobué, owned by Australian-based mining company Talbot Group.

Revealing this in a statement issued here, the Mining Resources Ministry explained that the figure was arrived at by applying the current rate of tax on a profit of USD$677 million resulting from the sale to Anglo American of the 58.9% stake in Minas de Revuboé.

Revuboé is a deposit of 1.4 billion tonnes of coal and coking coal, and the remaining capital of Minas do Revuboé “’ the company that hold prospecting and surveying Licence 4064L, for coal, in the Moatize district of Tete province “’ is in the hands of Japan’s Nippon Steel Corporation and South Korea’s Posco.

The Talbot Group is selling off all its assets, following the death of its founder, Ken Talbot, in an aircraft accident in June 2011 along the border between Cameroon and the Republic of Congo.