Mining group Anglo American has acquired a stake of 58.9 percent in Minas do Revobué, a mining project in Tete province in Mozambique, for 540 million Australian dollars (US$555 million), the group said in a statement issued in London.
The seller is Australia’s Talbot Group, previously owned by magnate Ken Talbot who died in an air crash in Africa, and which, since then has been divesting practically all of its assets.
Anglo American has thus taken a controlling stake in a coal project with estimated reserves of 1.4 billion tons of coking and thermal coal and potential to export 6 to 9 million tons per year.
The two other partners in this project are Japan’s Nippon Steel, with 33.3 percent and South Korean steelmaking group POSCO with 7.8 percent.
According to Cynthia Carroll, Anglo American’s chief executive, the deal will be concluded in the third quarter of this year.
Anglo American had previously tried to get involved in the Mozambican coal sector through acquisitions when it proposed to buy Australian group Riversdale Mining, a deal that was secured by Anglo-Australian group Rio Tinto. (macauhub)