Posco says no plan to develop coal mine in Mozambique

Tueday, 01, February 2011
By: Reuters
SEOUL– South Korea's POSCO , the world's No.3 steelmaker, said on Tuesday that it does not plan to develop a coal mine in Mozambique, denying its statement over the weekend for such a plan with Vale .
"We don't have any plan to develop a coal mine in Mozambique with Vale and our earlier statement had factually wrong information," POSCO said in a statement on Tuesday.
POSCO, which aims to double raw material self-sufficiency to 50% by 2014, has earmarked 700-billion won ($627-million) in raw material investment this year.

Last week, POSCO signed a memorandum of understanding with Anchor in Zimbabwe to build a joint mining venture to develop chrome, coal and other raw materials. (sourced:Reuters)

POSCO to form mining JV with Anchor Holding in Zimbabwe

Sunday, 30 Jan 2011

POSCO announced that it has signed an initial agreement with Zimbabwe's Anchor Holdings to set up a mining joint venture to develop minerals in the African country.
POSCO plans to launch the mining company in Zimbabwe some time in the first half at the earliest to develop chrome, coal, iron ore and other minerals.

The agreement comes as a result of POSCO CEO Mr Chung Joon-yang's trip to four African countries last week, aimed at securing resources from the continent.
(Sourced from DJ)