Anglo American sells Brazil mine interest

Mining giant Anglo American has agreed to sell its 70 per cent interest in the Amap 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 Amap over the long term.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

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

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