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Glencore, others eye Anglo's Amapa iron ore operation - sources
November 2, 2012 / 3:00 PM / 5 years ago

Glencore, others eye Anglo's Amapa iron ore operation - sources

LONDON, Nov 2 (Reuters) - Commodities trader Glencore is among a group of suitors considering an offer for miner Anglo American’s majority stake in the Amapa iron ore operation in northern Brazil, according to sources familiar with the matter.

Anglo bought control of Amapa in 2008 from Brazilian billionaire Eike Batista’s MMX as part of the $5.5 billion Minas Rio acquisition. But the asset has been deemed non-core, and has been on the block since last year.

Other bidders in the current second phase of the sale process include Russia’s Severstal, privately owned mining group Zamin - founded by Indian commodities investor Pramod Agarwal and which already owns assets in Brazil - and Australia’s Centaurus, also already working in the country.

Glencore has ambitions to grow in iron ore, a key steelmaking ingredient in which it is not currently a major player, but the commodities trader has also been selective on the assets it targets.

Glencore, Severstal and Zamin declined to comment. It was not immediately possible to reach Centaurus.

Anglo American also declined to comment.

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