Anglo buys a coal spot in Mozambique
25th Jul 2012
JULY 25 – Anglo American will spend $A540M to purchase a 58.9% interest in the Revuboe metallurgical coal project In the Moatize coal basin of Mozambique from the estate of the late Australian mining mogul Ken Talbot.
Other partners in the undeveloped Revuboè project, with a reported JORC resource of 1.4Bt of hard coking and thermal coal suitable for open cut mining, with the potential to support the export of 6-9Mtpa, are Nippon Steel Corporation (33.3%) and POSCO (7.8%).
Chief executive Cynthia Carroll says the acquisition fits Anglo American’s strategy to supply customers from each of the key metallurgical coal supply regions of Australia, Canada and Mozambique.
Anglo has been reported for months to be in talks with the estate of Talbot, the founder of Australia's Macarthur Coal, who died in a plane crash with other mining executives in central Africa in 2010. His estate has since been on the block.
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