Mining transactions nets Mozambique almost 72 million Australian dollars

24 February 2012

Maputo, Mozambique, 24 Feb – The Mozambican state netted almost 72 million Australian dollars in taxes from the sale of the stake in mining company Minas do Revobué owned by Australia’s Talbot Group, the Mining Resources Ministry said Thursday.

According to the statement issued in Maputo, that figure was arrived at by applying the current rate of tax on a profit of 630 million Australian dollars resulting from the sale to Anglo American, a company listed on the London Stock exchange, of the 58.9 percent stake in Minas de Revuboé.

Revuboé is a deposit of 1.4 billion tons of coal and coking coal, and the remaining capital of Minas do Revuboé, the company that hold Prospecting and Surveying License 4064L, for coal, in the Moatize district of Tete province, is in the hands of Japan’s Nippon Steel Corp. 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. (macauhub)