The company stated that it has agreed to pay 555 million US dollars to the Australian based Talbot Group for the shares.
The Revobue area is close to the coal projects operated by Rio Tinto (the Benga and Zambeze projects), and to the Moatize open cast mine of the Brazilian mining company Vale. The Revobue area has an estimated reserve of 1.4 billion tonnes of coking and thermal coal.
It is thought that once fully operational the mine could produce between six and nine million tonnes of coal per year.
According to the Chief Executive of Anglo American, Cynthia Carroll, “Revuboe 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 purchase is subject to a number of conditions and is expected to be completed during the third quarter of this year.
The other shareholders in Revobue are the South Korean steel company Posco (7.8 per cent) and Nippon Steel of Japan (33.3 per cent).Post published in: Africa News