Anglo American PLC - London-based miner - Signs a binding agreement with specialist engineering technology company First Mode Holding Inc to combine its nuGen Zero Emissions Haulage Solution with First Mode. The company partnered with Anglo American to develop the nuGen. Plans to accelerate the development and commercialisation of nuGen within the agreement. Invests USD200 million in the combined business to help fund the ongoing development of the product. Already holds a 10% strategic equity interest in First Mode since 2021.

Upon completion of the transaction, the business will be valued at USD1.5 billion and it will hold a majority shareholding in it. Expects the transaction to close in January 2023. Expects to enter into a supply agreement with First Mode to decarbonise its global fleet of ultra-class mine haul trucks, afterwards.

Current stock price: 3,278.36 pence

12-month change: up 9.6%

By Abby Amoakuh, Alliance News reporter

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