Construction News

18/01/2008

Anglo America Negotiate $5.5bn Brazilian Mining Deal

Anglo American is negotiating a $5.5 billion deal for control of Brazilian mining company MMX Mineração e Metálicosiron's iron ore projects.

Under the terms of the deal Anglo American would buy the MMX shares owned by a Brazilian businessman, Eike F. Batista, and secure control of the company’s Minas-Rio and Amapa ore mines in Brazil.

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Talks between the companies focused on the acquisition of Mr. Batista’s 63.6 per cent share in what would be a new company broken off from MMX. That company would own MMX’s current 51 per cent interest in Minas-Rio and 70 per cent interest in Amapa. Anglo American would be required to pay royalties to MMX for the Minas-Rio and Amapaproject both set to begin in 2020.

(GK)

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