Anglo American to sell two assets to Taurus Funds for up to $195 mln (updated)

Vector

22/07/2024 08:15

(Adds details in paragraphs 2-4)
       July 22 (Reuters) - Anglo American  AAL.L  said on
Monday it has agreed to sell two royalty assets, including a De
Beers-owned one related to the Onslow Iron project in Australia,
to Taurus Funds Management for up to $195 million.
    Anglo had started a review of its assets in February and
plans to divest less profitable assets and focus on expanding
copper output after BHP's  BHP.AX  failed attempt to takeover
the company.
    Taurus will buy the De Beers unit that owns the royalty for
$125 million in cash and up to $25 million of deferred
consideration, Anglo said.
        The other asset, a gold and copper royalty related to
the Caspiche project in northern Chile, will be sold for $25
million in upfront cash and up to $20 million of deferred
consideration.
  
        
  

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio
D'Souza and Nivedita Bhattacharjee)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))