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Anglo agrees revised Amapa sale deal after fatal landslide

Reuters - UK Focus

LONDON, Sept 25 (Reuters) - Global miner Anglo American (LSE: AAL.L - news) has agreed a revised sale deal with Zamin Ferrous for its Amapa iron ore operation in northern Brazil, following a port landslide earlier this year that killed six people.

Anglo agreed in January to sell Amapa to former commodities trader Pramod Agarwal's Zamin for an undisclosed sum. But the miner said on Wednesday that following the March landslide it had renewed discussions and bought out its minority partner, Cliffs Natural Resources (NYSE: CLF - news) .

It will now sell 100 percent of the operation to Zamin for an initial $136 million. In addition, Zamin will pay Anglo a conditional further $130 million over five years.

Anglo said it would use the proceeds to pay down debt.