Anglo American completes sale of Norte copper asset to Audley for $300m

14 September 2015 (Last Updated September 14th, 2015 18:30)

Anglo American has completed the $300m sale of its interest in Anglo American Norte copper asset to an investor consortium led by Audley Capital Advisors.

Anglo American has completed the $300m sale of its interest in Anglo American Norte copper asset to an investor consortium led by Audley Capital Advisors.

Norte owns Mantoverde and Mantos Blancos copper mines that are located in northern Chile.

Anglo American chief executive Mark Cutifani said: "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.

"We have delivered $1.9bn in cash proceeds this year, including $300m up-front for Norte to add to the $1.6bn we received for our stake in Lafarge Tarmac in July."

"We have delivered $1.9bn in cash proceeds this year, including $300m up-front for Norte to add to the $1.6bn we received for our stake in Lafarge Tarmac in July."

In August, Anglo American reached an agreement for the sale of its interest in the business with Orion Mine Finance as the principal co-investor.

According to Cutifani, the sale represents a good outcome for the company in terms of the up-front value achieved, as well as the continued delivery of its asset disposal programme.

Last week, Anglo American signed an agreement to sell its loss-making Rustenburg Platinum Mines (RPM) to South Africa's gold producer Sibanye Gold in a R4.5bn ($331m) deal.

The Rustenburg Operations consist of the Bathopele, Siphumelele and Thembelani mining operations, two concentrating plants.