Financial Daily – Santiago
Following a thorough review of all its assets initiated in February of this year, the mining multinational Anglo American It plans to divest the less profitable ones and focus on expanding copper production. after the failed attempt to BHP to acquire the company.
And with that goal in mind, Anglo American announced on Monday that it has agreed to sell two royalty assets, including one owned by its subsidiary De Beers related to the project Onslow Iron in Australiato Taurus Funds Management for up to US$195 million.
Anglo American launched a review of its assets in February and plans to sell off the least profitable ones, while expanding copper production. Taurus will buy the De Beers unit that owns the royalty for $125 million in cash and up to $25 million in deferred consideration, Anglo said. The other asset, a gold and copper royalty related to the Caspiche project, in northern Chilewill be sold for US$25 million in cash and up to US$20 million in deferred consideration.
Anglo had begun a review of its assets in February and plans to divest the least profitable ones and focus on expanding copper production. following BHP’s failed attempt to acquire the company.
