Anglo American not to proceed with coal project in Mozambique

Australian mining giant Anglo American Corporation has announced that it has decided not to proceed with the acquisition of a 58.9 percent interest in the Revuboè metallurgical coal project in Mozambique. Anglo American said that the transaction was subject to a number of conditions and those conditions have not been satisfied since the announcement in July 2012.
 
As SteelOrbis previously reported, Anglo American Corporation had agreed to acquire a 58.9 percent interest in the Revuboè metallurgical coal project from the Talbot Estate for a total cash consideration of approximately US$555 million.
 
The Revuboè project is a joint venture partnership including Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC) with a 33.3 percent interest and South Korea's POSCO with 7.8 percent interest. The project has a reported JORC resource of 1.4 billion mt of hard coking and thermal coal suitable for open cut mining.