British group AngloAmerican negotiates acquisition of coal assets in Mozambique

12 December 2011

Sydney, Australia, 12 Dec – British group AngloAmerican Plc is set to acquire a controlling stake in a coal deposit in Mozambique from Australia’s Talbot Group for US$630 million, according to Dow Jones Newswires.

The agency cited sources from the Talbot family as saying that the British group was in the final stages of talks to buy a 58 percent stake in a coal deposit in Revobué, and conclusion of the deal required some issues to be resolved, namely concession by the Mozambican government of a mining license.

The Talbot Group is selling off all its assets following the death of its founder, Ken Talbot, in an aircraft accident in Africa in 2010.

The Revobué project is a coal deposit in Tete province with estimated reserves of 1.4 billion tons, involving, as well as the Talbot Group, Japan’s Nippon Steel Corp and South Korea’s Posco. (macauhub)