LONDON, Sept 25 Global miner Anglo American
has agreed a revised sale deal with Zamin Ferrous for
its Amapa iron ore operation in northern Brazil, following a
port landslide earlier this year that killed six people.
Anglo agreed in January to sell Amapa to former commodities
trader Pramod Agarwal's Zamin for an undisclosed sum. But the
miner said on Wednesday that following the March landslide it
had renewed discussions and bought out its minority partner,
Cliffs Natural Resources.
It will now sell 100 percent of the operation to Zamin for
an initial $136 million. In addition, Zamin will pay Anglo a
conditional further $130 million over five years.
Anglo said it would use the proceeds to pay down debt.