Anglo American has reached agreement to sell its interest in Anglo American Norte copper asset to an investor consortium led by Audley Capital Advisors in a transaction valued at $300m.
Norte comprises Mantoverde as well as Mantos Blancos copper mines located in northern Chile.
Anglo American chief executive Mark Cutifani said: “The sale of our Norte copper assets to the Audley consortium represents a good outcome for Anglo American, both in terms of the up-front value achieved, the potential upside geared to the copper price and the continued delivery of our asset disposal programme.
“In line with our strategic objectives, we are focusing our diversified portfolio on our largest and most value accretive assets, which include the Los Bronces and Collahuasi copper mines in Chile and the Quellaveco copper project in Peru.”
According to the company, the agreement also includes conditional payments that would be made in the future and could boost the price tag by $200m.
Audley Capital Advisors mining CEO John MacKenzie said: “I know both of these operations well and can see the scope to further enhance the business under our ownership, particularly in terms of their life extension potential to meet our expected view of constrained copper supply in the medium and longer term.”
The transaction is slated for completion in the third quarter of 2015.