| Mon 28 Jul 2008, 12:30 | | AGL - Anglo American Plc - Anglo American And Eike Batista Progress Transaction |
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AGL
ANAAL
AGL - Anglo American Plc - Anglo American And Eike Batista Progress Transaction
In Brazil
Anglo American Plc
(the "Company")
Registered office: 20 Carlton House Terrace, London, SW1Y 5AN
Registered number: 356413
Share code: AGL
ISIN code: GB00B1XZS820
Anglo American and Eike Batista progress transaction in Brazil
Anglo American and Mr Eike Batista, the controlling shareholder of MMX Mineracao
e Metalicos S.A. ("MMX") and IronX Mineracao S.A. ("IronX"), announce that they
are progressing the proposed transaction through which Anglo American will
acquire control of IronX, the company that controls the Minas-Rio iron ore
project and the Amapa iron ore system in Brazil.
In respect of the ongoing investigation in Brazil, Mr Batista has offered a
personal indemnity, with no additional obligation on MMX, to cover any potential
losses that may be incurred by Anglo American as a result of the investigation.
Anglo American has accepted the terms of the indemnity and, subject to the
satisfaction of final conditions under the transaction agreements, which the
parties are diligently seeking to fulfil, the transaction will be completed by 5
August 2008.
Cynthia Carroll, Chief Executive of Anglo American, said: "I am delighted that
we are in a position to move forward with this transaction to the benefit of all
the projects` stakeholders. The Amapa mine is already in production and the
first phase of the Minas-Rio project is well under way. We are excited about
developing these two projects further with the excellent team we have inherited
from MMX."
Eike Batista, Chairman and CEO of MMX, said:" We will continue to support Anglo
American in its efforts to develop these significant iron ore projects in
Brazil. Anglo American is already demonstrating its renowned expertise at
developing projects of this scale and I look forward to working with Anglo to
develop these projects to their full potential."
For further information, please contact:
United Kingdom
James Wyatt-Tilby, Media Relations
Tel: +44 (0)20 7968 8759
Anna Poulter, Investor Relations
Tel: +44 (0)20 7968 2155
South Africa
Pranill Ramchander, Media Relations
Tel: +27 (0)11 638 2592
Notes to Editors:
Anglo American has agreed to acquire a controlling shareholding in IronX, which
holds a 51% interest in the Minas-Rio iron ore project and a 70% interest in the
Amapa iron ore system, from Eike Batista and other selling shareholders for $3.5
billion. Following completion of this transaction, Anglo American has committed
to extend the offer to the minority shareholders in IronX at the same price per
share. Many of the conditions to complete the transaction have been fulfilled or
waived. The successful completion of the offer to the minority shareholders will
result in Anglo American owning 100% of the Minas-Rio project, 70% of the Amapa
system and 49% of LLX Minas-Rio, the owner of the Port of Acu.
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 and diamonds, with significant interests in
coal, base and ferrous metals, as well as an industrial minerals business. The
Group is geographically diverse, with operations in Africa, Europe, South and
North America, Australia and Asia. (www.angloamerican.co.uk)
28 July 2008
Sponsor
UBS South Africa (Pty) Ltd
Date: 28/07/2008 12:30:04 Produced by the JSE SENS Department.
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