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.
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Notes to editors:
Anglo American is one of the world’s largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Anglo American’s portfolio of mining businesses spans bulk commodities – iron ore and manganese, metallurgical coal and thermal coal; base metals – copper and nickel; and precious metals and minerals – in which it is a global leader in both platinum and diamonds. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company’s mining operations, extensive pipeline of growth projects and exploration activities span southern Africa, South America, Australia, North America, Asia and Europe. www.angloamerican.com
