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Riversdale Mining Signs MoU with Wuhan Iron and Steel

Wuhan Iron & Steel Corp, the Chinese government controlled steel giant has signed a Memorandum of Understanding (MoU) with Australian company Riversdale Mining Ltd. As per terms of the agreement it will take a 40% stake in a Mozambique mine and a minority share in the Australian miner for US$800 million.

Drilling Benga, Mozambique. Coal Resource of 4.0 billion tonnes has been estimated. Image Credit: Riversdale Mining Pty Ltd

Wuhan Iron and Steel Corporation (WISCO) will make the payments in three tranches. At the date of signing the definitive agreements WISCO will also be issued 8% of the ordinary shares in Riversdale Mining Ltd. at a pre agreed price of $10 each.

Riversdale Mining Ltd also signed a logistics partnership agreement with the China Communications Construction Company (CCCC) for the development of the Zambeze Coal Project in Mozambique. The transcation values Zambeze at USD $2 billion.

Presently the MoU is non-binding, pending completion of definitive agreements within 120 days of signing the MoU. The deal was announced in Sydney and underlined the Sino-Australian ties despite the ousting of Prime Minister Kevin Rudd on Thursday.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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