Anglo American has sold the Foxleigh coal mine to a joint venture of Middlemount South. POSCO, and Nippon Steel.
Middlemount South (MS) will reportedly take a 70 per cent in the operation.
According to MS chief operating officer, Scott Graham, the company plans to keep the mine in production, and meet all current sales contracts.
“This is an exciting time for Middlemount South as we get our feet under the desk and begin to fully investigate current operations,” Graham said.
“We are committed to ensuring a long term future for the mine.”
Middlemount South is a subsidiary of Taurus Funds Management.
According to Taurus, the acquisition is “the first step in a program of investment in the resources sector in Queensland and Australia”