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Mozambique: JSW Steel to buy 92.2% stake in local mining firm for $73.8mln
JSW Steel said that its board has approved acquisition of Mozambique-based mining company Minas de Revuboe (MDR), as the steelmaker looks to benefit from MDR’s high-quality coking coal, crucial for steel production.
The company, through its subsidiary JSW Natural Resources Limited, will acquire 92.19% equity stake and shareholders loans of MDR for $73.75 million. The steelmaker said that the deal enables access to more than 800 metric tonnes of premium hard coking coal reserves in Mozambique, according to an investor presentation from May 17.
MDR owns a high quality and large scale pre-development stage premium hard coking coal mine project in the Moatize Basin of Tete Province, Mozambique, the company added.
The deal is subject to approval from Ministry of Mineral Resources and Energy, Mozambique and other applicable customary approvals
[…] the fact that it had not initiated mining operations at the site. More recently, 92.2% of MDR was reportedly to be acquired by the Indian steel company JSW Steel for 73.75 million […]