UK-based Anglo American is purchasing a 58.9% interest in the Revuboè metallurgical coal project in Mozambique from the Talbot Estate for a total consideration of $555m.

The Revuboè project is a joint venture partnership, which also includes Nippon Steel Corporation of Japan with a 33.3% interest and South Korea’s POSCO with a 7.8% equity stake.

Anglo American chief executive Cynthia Carroll said the acquisition of a majority interest in Revuboè is in line with the company’s commitment to grow its global metallurgical coal business.

“Revuboè is located in the most attractive area of Mozambique’s Moatize coal basin and has a number of infrastructure development options,” Carroll added.

“We look forward to working with the Government of Mozambique and our joint venture partners to progress this exciting prospect.”

The company said the Revuboè project is suitable for open cut mining and holds JORC resource of 1.4 billion tonnes of hard coking and thermal coal.

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By GlobalData

The acquisition, subject to regulatory approvals, is expected to close in July-September 2012.