Anglo American agrees to acquire majority interest in Revuboè metallurgical coal project in Mozambique
24 July, 2012
Anglo American plc (“Anglo American”) announces it has agreed to acquire a 58.9% interest in the Revuboè metallurgical coal project in Mozambique (“the Revuboè project”) from the Talbot Estate for a total cash consideration of A$540 million (approximately US$555 million) (“the Transaction”). The Revuboè project is a joint venture partnership and includes Nippon Steel Corporation (33.3% interest), and POSCO (7.8% interest).
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 six to nine million tonnes per annum on a 100% basis.
Cynthia Carroll, Chief Executive of Anglo American, 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.”
The Transaction is subject to a number of conditions and is expected to be completed during the third quarter of 2012.