Anglo American on Thursday unveiled plans to sell one of its largest Brazilian businesses for $1.5bn in the largest deal by the UK-listed miner since it announced a restructuring plan.
The sale to China Molybdenum Co of Anglo’s niobium and phosphate mines is the start of the group’s bid to sell at least $3bn of assets this year to reinforce its balance sheet.
Mark Cutifani, chief executive, said the sale was “another positive step forward in the strategic reshaping” of Anglo.
The deal with China Molybdenum depends upon Chinese regulatory approval but Anglo said it had commitments from holders of 63 per cent of the Chinese group’s shares to support the transaction.
The company’s shares lost 75 per cent in 2015, though they have rebounded this year and are now down about 35 per cent over the past 12 months. Shares rose 2.8 per cent in London after the deal was announced.
Analysts at BMO Capital Markets said the $1.5bn price was “probably better than market expectations” and could put Anglo in a stronger negotiating position when selling other assets.
China Molybdenum has previously snapped up assets from mining majors, having bought Rio Tinto’s Northparkes copper mine in Australia in 2013.
Deutsche Bank and Barclays advised China Molybdenum. Goldman Sachs and Morgan Stanley worked with Anglo.
英美资源集团此次向洛阳钼业(China Molybdenum Co)售出的是铌和磷酸盐矿，该集团计划今年至少出售30亿美元资产，以增强其资产负债表。
加拿大蒙特利尔银行资本市场(BMO Capital Markets)分析师表示，15万亿美元的交易价“可能高于市场预期”，而且将让英美资源集团在出售其他资产的谈判中更有底气。
为洛阳钼业提供咨询的为德意志银行(Deutsche Bank)和巴克莱(Barclays)，英美资源集团的合作方为高盛(Goldman Sachs)和摩根士丹利(Morgan Stanley)。