Coal deal ditched by Anglo American

Anglo American has abandoned a $555m (£365m) plan to buy a coal project in Mozambique in the latest sign of prudence from miners chastised by investors for excessive spending and poor acquisitions.

Anglo said that after months of talks, conditions for the deal "have not been satisfied". It gave no further details.

Anglo announced its maiden move into Mozambique last July, trumpeting a deal that would have given it a majority stake in Minas de Revuboe, a deposit sandwiched between a Vale mine and a Rio Tinto project. It was a toehold in a region expected to become a key source of sought-after steel-making coal.