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

December 07, 2022 10:30 ET (15:30 GMT)

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