Mining giant Anglo American plc stated that it had agreed to sell its niobium and phosphates businesses in Brazil to China Molybdenum Co. Ltd for $1.5bn.
Proceeds from the sale would be utilized towards reducing its debt, which Anglo plans to reduce to c.$10bn by the end of 2016 from its FY 2015 debt of $12.9bn. Previously, Anglo had conducted a $1.3bn debt-repurchase offering as part of its turnaround and debt reduction plan.
The company plans of a further $3-4bn of asset sales in 2016. Anglo American plans to focus its mining operations on diamonds, copper and platinum.