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Anglo American buys Revuboè

Publishing Date
24 Jul 2012 12:26pm GMT
Author
Mining Journal

Anglo American has agreed to buy the majority interest in the Revuboè metallurgical coal project in Mozambique for A$540 million (US$555 million) from the estate of the late Australian mining magnate Ken Talbot.

Making the announcement today, Anglo said the transaction with the Talbot Group would give the company a 58.9% stake in the Revuboè project, which is located in Mozambique’s Moatize coal basin.

Revuboè, which is a joint venture with the Japanese-based Nippon Steel Corp (33.3% interest) and Korean-based POSCO (7.8% interest), holds a reported JORC resources of 1.4Gt of hard coking and thermal coal.

It is expected to support the export of 6 to 9Mt of coal per annum and is suitable for open cut mining.

Talbot and the entire board of Sundance Resources were killed when their plane crashed in thick forest in Congo in June 2010.

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