Anglo concludes sale of S American assets
JOHANNESBURG (miningweekly.com) – Diversified mining major Anglo American has, so far this year, generated cash proceeds of about $1.9-billion from the sale of its noncore assets, including that of one of its South American interests.
Anglo American on Monday said it had concluded the sale of its interest in Anglo American Norte, which owned the Mantoverde and Mantos Blancos copper mines in northern Chile, to an investor consortium led by Audley Capital Advisors.
The $500-million disposal – comprising $300-million in cash and a number of additional, conditional future payments of up to $200-million – was in line with Anglo’s portfolio “reshaping” efforts, which had seen the JSE-listed miner sell its 50% stake in Lafarge Tarmac for $1.6-billion in July.
“The completed sale of Norte to the Audley consortium represents further progress with our asset disposal programme and [the] wider strategy to reshape the Anglo American portfolio, prioritising our capital on those assets that will create the most value for our shareholders over the long term,” explained CEO Mark Cutifani.
Overall, Anglo American expected to generate a minimum of $3-billion in proceeds from the sale of assets.
Cutifani previously indicated that discussions were under way with South Africa’s State-owned power utility Eskom and the government about the sale of some of its domestic coal assets, while progress had been made on the potential disposal of several coal assets in Australia.
Earlier this month, the group announced the sale of its Anglo American Platinum subsidiary’s labour-intensive Rustenburg Operations to gold producer Sibanye Gold for $326-million.
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