Anglo American, one of the largest mining companies in the world, announced on Thursday it will not be acquiring the the Revuboè metallurgical coal project in Mozambique.
Originally announced in July of last year, the company said in a recent news statement that the deal was subject to a number of conditions that unfortunately had not been satisfied. No further details were offered as of yet.
The deal was valued at US$555 million and would’ve given Anglo a majority interest in the metallurgical coal project, which is located in a sought-after area anticipated to become a key source of steelmaking coal. Vale and Rio Tinto currently have projects in that area.
Depite this deal going south, Anglo American said it expected “to continue with its objective of establishing a position in the emerging metallurgical coal basin in Mozambique.”