Anglo American plc announces that it has agreed to acquire a 58.9% interest in the Revuboè metallurgical coal project in Mozambique from the Talbot Estate for a total cash consideration of AUD 540 million.

The Revuboè project is a JV 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 6 to 9 million tonnes per annum on a 100% basis.

Ms Cynthia Carroll CEO of Anglo American said that "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."

Source - Anglo American plc

(www.coalguru.com)