Tokyo, Japan — 05 April 2013 – Nippon Steel Trading Company “’ a subsidiary of Japanese group Nippon Steel “’ together with Sumitomo Metal Corporation, has been awarded an exploration licence for the Revuboé coal project, in the Tete province of Mozambique.
Macauhub News Agency reports that according to a statement issued here, the group, which is Japan’s biggest steel producer, plans to start developing the mining project by the end of the year so that commercial exploration can begin by 2016.
The Minas do Revuboé coal project in Tete province has estimated reserves of 1.4 billion tonnes and will produce an estimated 5Mtpa of coking coal.
The Japanese group plans to import around 1.7Mt of coking coal from Mozambique, which is around 6% of annual coal imports.
Earlier this week the Anglo American group announced that it had dropped out of buying a 58.9% stake in the Minas do Revuboé project for US$555 million.
The transaction depended on some conditions that were not met following nine months of negotiations, and “a decision was made not to go ahead” with the deal to buy the stake, which was put up for sale following the death of its previous owner, Australian millionaire Ken Talbot.
The Minas do Revuboé project also has South Korean group Posco as a partner.
Source: Macauhub News Agency. For more information, click here.