Anglo to sell two Chile mines for up to $500m

Diversified miner Anglo American will sell its Anglo American Norte copper asset to an investor consortium led by Audley Capital Advisors for up to $500-million. Norte owned the Mantoverde and Mantos Blancos copper mines in northern Chile. The total consideration payable to Anglo American comprised $300-million in cash and a number of additional future payments of up to $200-million, contingent on factors such as the average LME copper price performance and any future decision to pursue the sulphide life extension of the Mantoverde mine. “The sale of our Norte copper assets to the Audley consortium represents a good outcome for Anglo American, both in terms of the upfront value achieved, the potential upside geared to the copper price and the continued delivery of our asset disposal programme.