ArcelorMittal Form Coal Mining Joint Venture in Mozambique

ArcelorMittal, the world’s largest steel company, has today announced a joint venture partnership with the Mozambique registered company Black Gold Mining (Moc) Lda.

Under the terms of the agreement ArcelorMittal will acquire a 35% equity in the joint venture company, Rio Minjova Mining and Exploration Company, for an initial payment of US$2.5 million. Black Gold Mining will transfer its coal licences, totalling 49 360 ha, in the Rio Minjova Area situated at the eastern end of the Moatize-Minjova sub-basin in the Tete Province of Mozambique. ArcelorMittal has an earn-in option to become the majority shareholder in the joint venture company, subject to a further payment of US$2.5 million and the confirmation of proven and probable coking coal reserves.