By Kyle Morris
Anglo American PLC said Wednesday that it has agreed to combine its nuGen zero-emissions haulage solution with First Mode Holding Inc., investing $200 million in the combined business.
The multinational mining company said the deal values the business at around $1.5 billion and will result in Anglo American owning a majority shareholding in First Mode.
Upon completion, expected in January, Anglo American will enter a supply agreement with First Mode to decarbonize its global fleet of ultra-class mine haul trucks.
First Mode, a specialist engineering technology company, partnered with Anglo American to develop the haulage solution.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
12-07-22 1030ET