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AGL
ANAAL
AGL - Anglo American plc - Anglo American to divest minority interest in
Palabora Mining Company
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820
Anglo American to divest minority interest in Palabora Mining Company
Anglo American announces that it will participate in the sale process
initiated by Rio Tinto to dispose of both companies` interests in Palabora
Mining Company Limited ("Palabora"). Anglo American currently holds a 16.8%
effective interest in Palabora. Rio Tinto holds an effective 57.7% in
Palabora.
Palabora`s principal asset is a copper mine in South Africa which also
produces vermiculite and magnetite and, while studies are under way for a
potential extension to the copper mine`s life from 2016 to 2030, the
operation is no longer of a sufficient scale to suit Anglo American`s
investment strategy. Palabora owns a magnetite stockpile and the future
value creation at Palabora is likely to involve the on-site processing and
beneficiation of magnetite, an opportunity that Anglo American believes will
be best developed under new ownership.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Leng Lau
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968
8540
Emily Blyth Caroline Metcalfe
Tel: +44 (0)20 7968 8481 Tel: +44 (0)20 7968
2192
South Africa Leisha Wemyss
Pranill Ramchander Tel: +44 (0)20 7968
Tel: +27 (0)11 638 2592 8607
Notes to editors:
Anglo American plc is one of the world`s largest mining companies, is
headquartered in the UK and listed on the London and Johannesburg stock
exchanges. Anglo American`s portfolio of mining businesses spans precious
metals and minerals - in which it is a global leader in both platinum and
diamonds; base metals - copper and nickel; and bulk commodities - iron ore,
metallurgical coal and thermal coal. Anglo American is committed to the
highest standards of safety and responsibility across all its businesses and
geographies and to making a sustainable difference in the development of the
communities around its operations. The company`s mining operations and
extensive pipeline of growth projects are located in southern Africa, South
America, Australia, North America and Asia. www.angloamerican.com
5 September 2011
Sponsor: UBS South Africa (Pty) Ltd
Date: 05/09/2011 08:00:13 Produced by the JSE SENS Department.
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