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Anglo Pacific to buy copper, nickel project royalty from South32

Reuters
Updated ·1-min read

(Reuters) - Natural resources streaming company Anglo Pacific said on Tuesday it would buy a portfolio of royalties with copper and nickel projects from diversified miner South32 Ltd for up to $200 million.

"We believe this is an attractive copper and nickel entry point with substantial commodity price upside potential, all the while meeting our disciplined approach to acquisitions and robust sustainability criteria," Chief Executive Officer of Anglo Pacific Marc Bishop Lafleche said.

The British company values South32's portfolios at about $185 million with further contingent consideration of up to $15 million.

After completion of the transaction, South32 will hold about 16.9% stake in the London-listed company, Lafleche added.

(Reporting by Amna Karimi in Bengaluru; Editing by Vinay Dwivedi)