SANTIAGO - Global mining giant Anglo American plc said Monday that it has completed the sale of its Chilean-based copper business, Anglo American Norte S.A., to a consortium of investors led by Audley Capital Advisors LLP for $300 million.
"The completed sale of Norte to the Audley consortium represents further progress with our asset disposal program and wider strategy to reshape the Anglo American portfolio, prioritizing our capital on those assets that will create the most value for our shareholders over the long term," group CEO Mark Cutifani said in a statement.
Anglo American Norte comprises the Mantos Blancos and Mantoverde mines in northern Chile.
"We have delivered $1.9 billion in cash proceeds this year, including $300 million up-front for Norte to add to the $1.6 billion we received for our stake in Lafarge Tarmac in July," Cutifani said.
The terms of the deal include a possible additional $200 million payment to Anglo American at a future date depending on the evolution of copper prices.
Anglo American has been shedding assets in response to the fall in global prices for metals.
Besides British-based Audley Capital Advisors LLP, the consortium purchasing the mines and Orion Mine Finance, a conglomerate with a strong presence in the U.S. and Australia.