Analyst Research

Report Title Price
Provider: ValuEngine, Inc.
$25.00
Provider: ValuEngine, Inc.
$49.00
Provider: Reuters Investment Profile
$20.00
Provider: Thomson Reuters Stock Report
$25.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Anglo American PLC Agrees Revised Terms For Sale Of Amapa To Zamin Ferrous Ltd


Wednesday, 25 Sep 2013 02:00am EDT 

Anglo American PLC (Anglo American) announced that on January 4, 2013 the Company announced the sale of its 70% interest in the Amapa iron ore operation in Brazil (Amapa) to Zamin Ferrous Ltd. (Zamin). On March 28, 2013, prior to the completion of that transaction, a geological event occurred at the Santana port facility which resulted in the destruction of the port shiploader infrastructure and sampling tower and the tragic loss of six lives. In light of these circumstances, Anglo American entered into further discussions with its partner Cliffs Natural Resources ("Cliffs") and Zamin. Anglo American subsequently entered into an agreement with Cliffs to acquire its 30% interest in Amapá and has now agreed to amend the sale agreement with Zamin, including to reflect Anglo American’s disposal of a 100% interest in Amapa to Zamin. Anglo American has agreed to sell 100% of Amapá to Zamin for an initial total consideration of approximately $136 million, subject to certain adjustments at completion plus the repayment of any intercompany balances. In addition, Zamin will pay Anglo American conditional deferred consideration of up to a maximum of $130 million in total, payable over a five year period and calculated on the basis of the market price for iron ore. Anglo American will use the proceeds to pay down debt. 

Company Quote

27663.0
613.0 +2.27%
7:42am EDT