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AGL
ANAAL
NSX / AGL - Anglo American Agrees Purchase Of 49% Interest In MMX Minas-Rio
Iron Ore Project For US$1.15 Billion
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB0004901517
Anglo American agrees purchase of 49% interest in MMX Minas-Rio iron ore
project for US$1.15 billion
Anglo American plc ("Anglo American") is pleased to announce that the
contract for the transaction, announced on 23 April 2007 with MMX Mineracao
e Metalicos S.A. ("MMX"), has been signed in Rio de Janeiro, Brazil today.
Following satisfaction of the closing conditions, Anglo American will
acquire a 49% interest in MMX Minas-Rio for an economic value and effective
price of US$1.15 billion.
Cynthia Carroll, CEO of Anglo American plc said: "I am delighted that MMX
and Anglo American will be driving forward this exciting iron ore project.
We have great confidence in Eike Batista and his management team and look
forward to a long and rewarding partnership. Iron ore is core to Anglo
American`s future growth strategy and MMX Minas-Rio, together with the
planned Kumba expansions, will add significantly to the Group`s iron ore
production, resulting in consolidated iron ore production in excess of 100
million tonnes per annum in the next five years."
This acquisition represents Anglo American`s second major investment in
Brazil in the last six months. In December 2006, the approval of the Barro
Alto nickel project was announced at an estimated capital cost of $1.2
billion. Barro Alto will produce an average of 36,000 tonnes of nickel per
year over a minimum 26 year mine life and will contribute significantly to
a potential doubling of the Group`s nickel production to around 90,000
tonnes per annum by 2011.
Cynthia Carroll continued: "Anglo American has been operating in Brazil for
many years and these major new investments indicate our firm commitment to
remaining a responsible and successful operator in the country for many
years to come."
For further information:
Investor Inquiries
Charles Gordon Anna Poulter
Tel: +44 207 968 8933 Tel: + 44 207 968 2155
Media Inquiries
Kate Aindow Anne Dunn
Tel: +44 207 968 8619 Tel: +27 11 638 4730
Notes to Editors:
Anglo American plc is one of the world`s largest mining and natural
resource groups. With its subsidiaries, joint ventures and associates, it
is a global leader in platinum group metals, gold and diamonds, with
significant interests in coal, base and ferrous metals, industrial minerals
and paper and packaging. The group is geographically diverse, with
operations in Africa, Europe, South and North America, Australia and Asia.
(www.angloamerican.co.uk).
15 May 2007
Sponsor: J.P.Morgan Equities Limited
Date: 15/05/2007 08:00:06 Produced by the JSE SENS Department.
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