Anglo American to sell its Brazilian business for $1.5bn

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.

Source: WSJ

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