Anglo American has finalized agreements to sell two royalties to Taurus Funds Management for a total of up to US$195 million in cash. The sale includes an iron ore royalty related to the Onslow Iron project in West Pilbara, Australia, and a gold and copper royalty related to the Caspiche project in northern Chile. The upfront cash payment is US$150 million, with up to US$45 million of deferred cash consideration subject to certain conditions. The sale is expected to close in Q4 2024, pending customary closing conditions.
Anglo American is a leading global mining company, producing essential metals and minerals for various industries. The company's portfolio includes operations in copper, nickel, platinum group metals, diamonds, iron ore, and steelmaking coal. They are committed to being carbon neutral across their operations by 2040 and have a Sustainable Mining Plan that focuses on environmental responsibility, community development, and corporate leadership.
The company's website provides further information about their operations and commitments. The document also includes a disclaimer stating that it is for information purposes only and does not constitute an offer to sell or buy securities. Additionally, it contains forward-looking statements about the company's financial position, business strategy, and sustainability performance goals.
For further information, the company provides contact details for media and investors in the UK and South Africa. The news release also includes a note to editors clarifying the use of terms like "Anglo American" and "the Group" for convenience, and that subsidiaries are responsible for their own day-to-day operations and compliance with Group policies.
This news highlights Anglo American's strategic decision to divest two royalty assets, providing a significant cash influx. It also emphasizes the company's commitment to sustainable mining practices and its efforts to be a responsible producer of essential metals and minerals.