LONDON, April 12 (Reuters) - Brazilian miner Vale is teaming up with U.S. private equity firm Apollo to bid for Anglo American’s niobium and phosphates business in Brazil, three sources familiar with the matter said on Tuesday.
A sale of the assets, used for making fertilizers, could fetch around $1 billion for Anglo American.
The London-listed miner has said it wants to raise as much as $4 billion from divestitures, in order to cut net debt to under $10 billion by the end of the year as it grapples with a commodity price slump.
A spokesman for Anglo said the sale process is progressing as planned. Vale declined to comment, while Apollo did not immediately respond to requests for comment. (Reporting by Freya Berry and Anjuli Davies; additional reporting by Clara Denina, Tatiana Bautzer in Sao Paulo and Rod Nickel in Winnipeg; editing by Pamela Barbaglia)
Our Standards: The Thomson Reuters Trust Principles.