Anglo American buys most of Australian coal miner

0 Comments | AFP, December, 2007

LONDON (AFP) — Global mining giant Anglo American said Friday it had bought a 70-percent share in the Foxleigh coal mine in Queensland, northeastern Australia, for 620 million US dollars (432 million euros).

The majority stake, acquired from independent group Bowen Basin Investment, will add to Anglo American's growing coal mining operations in the region, the company said in a statement.

Foxleigh produces 2.5 million tonnes of coal annually for use in the production of steel.

"The addition of Foxleigh is in line with Anglo American's strategic commitment to further grow our coal business in Australia in order to meet forecast increases in global demand for coal, particularly in the Asia-Pacific region," said Anglo American chief executive Cynthia Carroll....