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Talbot stake pays $555m

The late Ken Talbot.
The late Ken Talbot. TALBOT GROUP HOLDINGS

YEARS after his death, Ken Talbot again proved he knew where to put his money.

The mining tycoon's stake in an African coal project has been picked up by Anglo American for $555 million on Tuesday.

The site in Mozambique - mining the Revuboe deposit - sits between two other mines owned by Brazillian resource giant Vale and Rio Tinto respectively.

Reuters reported that Anglo had been hunting premium, hard coking coal used in steelmaking.

It was reportedly in talks with Mr Talbot's deceased estate for months.

Mr Talbot died in a plane crash with other mining executives in central Africa in 2010.

He founded Macarthur Coal which was sold to American coal miner Peabody Energy last year

Topics:  rio tinto vale


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