Anglo American Nixes $555M Mozambique Coal Mining Deal

Law360, New York (March 28, 2013, 2:50 PM EDT) -- British mining giant Anglo American PLC said Thursday that it is backing out of a $555 million deal to buy a stake of Talbot Group Investments Pty. Ltd.'s Mozambique cooking coal project, claiming that certain unspecified conditions related to the purchase agreement were not met.

The cash deal would have given Anglo American a 58.9 percent interest in the Minas de Revuboe, or Revuboe River Mine, which Talbot has estimated could contain 1.4 billion metric tons of hard coking and thermal coal suitable for open-cut mining....
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