Anglo American Sells Royalty Assets for Up to $195 Million
By Christian Moess Laursen
Anglo American agreed to sell two royalty assets for up to $195 million to Taurus Funds Management.
The diversified miner said Monday that Taurus will buy an iron-ore royalty owned by Anglo's diamond unit De Beers related to the Onslow iron project in West Pilbara, Australia for $125 million in cash, with up to $25 million being deferred.
The Australian fund manager will buy the subsidiary of De Beers that owns the royalty. It will also buy a gold and copper royalty related to the Caspiche project in northern Chile for $25 million in cash and up to $20 million being deferred.
The sales are expected to close in the fourth quarter.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
July 22, 2024 03:31 ET (07:31 GMT)
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