UK-based mining giant Anglo American has announced that it has completed the sale of 100 percent of the Amapá iron ore operation in Brazil to Zamin Ferrous Ltd., a private international mining group that has been operating in Brazil, following receipt of regulatory approval for an initial total cash consideration of $134 million.
Anglo American stated that it will use the proceeds to pay down debt.
At present, the Amapa project is in its initial stage with up to 30 million mt of iron ore per year is expected to be produced starting from 2020. The Amapa project includes a significant iron ore deposit and a 192-kilometer railway connecting the mine location to an existing port facility.
Source:
http://www.steelorbis.com/steel-news/latest-news/anglo-american-completes-sale-of-amapa-iron-ore-project-792626.htm
