Anglo sells 70% stake in Amapa
One of the world’s largest mining companies‚ Anglo American (AGL)‚ announced on Friday that it has sold 70% of its stake in the Amapa iron-ore operation in Brazil to Zamin Ferrous.
“Anglo American has always maintained that it does not envisage holding its interest in Amapa over the long term and‚ in July 2012‚ reported that it had transferred responsibility for Amapa to its other mining and industrial business unit and stated that it was exploring the possibility of divesting its interest‚” Anglo American said in a note on Friday.
Since Anglo American’s acquisition of Amapa in 2008‚ production rose from 1.2 million tons to 4.8 million tons in 2011.
The deal is expected to be completed later this year. - I-Net Bridge