Anglo American sells Brazil mine interest

RELATED QUOTES

SymbolPriceChange
AAL.L1,556.50-10.00

LONDON (ShareCast) - Mining giant Anglo American (LSE: AAL.L - news) has agreed to sell its 70 per cent interest in the Amapá iron ore mine in Brazil.

The terms of the deal with Zamin Ferrous are confidential and subject to state regulatory approval, but the company said it was expected to complete in 2013.

Anglo American said it had never meant to hold its interest in Amapá over the long term.

In July 2012 the firm reported that it had transferred responsibility for Amapá to its Other Mining and Industrial business unit and was exploring the possibility of a sale.

"Anglo American has transformed the operational performance of Amapá since acquisition in 2008, increasing production from 1.2 million tonnes in 2008 to 4.8 million tonnes in 2011," it said.