Anglo sells copper stake for $300m

Anglo American wraps up the sale of Norte, its copper business in Chile, to an investor consortium led by Audley Capital for $300 million.

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Johannesburg - Anglo American has completed the sale of Norte, its copper business in Chile, to an investor consortium led by Audley Capital for $300 million.

This brings the global miner’s cash proceeds from asset sales this year to $1.9 billion as it strives to bolster its balance sheet in the face of a commodity price slump.

“The completed sale of Norte to the Audley consortium represents further progress with our asset disposal programme and wider strategy to reshape the Anglo American portfolio, prioritising our capital on those assets that will create the most value for our shareholders over the long term,” Anglo American CE Mark Cutifani said in a statement on Monday.

Following a review last year Anglo American said it would divest assets that did not meet its return criteria. Anglo sold its stake in Lafarge Tarmac in July for $1.6 billion.

The Audley Capital consortium, which includes Orion Mine Finance Group as principal co-investor, has purchased the open-pit Mantos Blancos and Mantoverde mines.

The investment by Audley Capital was led by John Mackenzie, a former chief executive of Anglo’s copper business.

African News Agency