Anglo American has completed the sale of its niobium and phosphates businesses in Brazil to China Molybdenum Co. Ltd, following the agreement announced on 28 April 2016.
The economic benefits of the businesses will transfer to CMOC as of 30 September 2016.
Anglo American has received cash proceeds of approximately US$1.7 billion, constituting the agreed consideration of US$1.5 billion and approximately US$187 million of working capital and other adjustments, subject to certain post-closing adjustments. Net proceeds, after taxes payable and transaction costs, ofUS $1.5 billion from the sale will be used to reduce debt.
The niobium and phosphates businesses are located in the states of Goiás and São Paulo, in Brazil. The phosphates business consists of a mine, beneficiation plant, two chemical complexes and two further mineral deposits. The niobium business consists of one mine and three processing facilities, two non-operating mines, two further mineral deposits and sales and marketing operations in the UK and Singapore.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/06102016/anglo-america-sells-its-niobium-and-phosphates-businesses-in-brazil/