UPDATE 1-Anaconda, SBX to combine Chilean iron ore assets

Tue Nov 30, 2010 11:49am EST

* Agrees to merge joint ventures

* Terms are being negotiated

Nov 30 (Reuters) - Anaconda Mining Inc (ANX.TO) and privately owned Inversiones SBX Limitada have agreed to roll their two Chilean iron ore joint ventures into a single venture to simplify the structure.

Toronto-based Anaconda said terms of the deal were being negotiated with the help of Gryphon Partners, its financial advisers, and could include a spinoff, further JVs or acquisitions as well as financing.

Anaconda Mining and SBX run two joint ventures -- Minera Hierro San Gabriel S.A. and Inversiones Hierro Antofagasta S.A., Anaconda said in a statement.

The 4,700 hectare San Gabriel iron project in northern Chile is close to a sea port with direct shipping access to the Asia-Pacific region.

Shares of the company, which have lost 23 percent in value since posting quarterly results in October, were up 10 percent at 21 Canadian cents during morning trade on Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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