| Thu 29 Nov 2001, 0:00 | | Anglo American Plc - News Release |
|
ANNOUNCEMENT OF THE SALE OF CLEVELAND POTASH LIMITED
29 November 2001
Anglo American plc ("Anglo American") has entered into an agreement to sell
its wholly owned subsidiary Cleveland Potash Limited ("Cleveland Potash") to
a subsidiary of Israel Chemicals Limited ("ICL").
Under the sale agreement, and on fulfilment of certain regulatory
conditions, Anglo American will receive a gross cash consideration of US$45
million, subject to contractual adjustments.
Commenting on the sale, Robbie Robertson, CEO of Anglo Industrial Minerals
said: "Since the acquisition of Tarmac, the core focus of Anglo Industrial
Minerals' business in Europe has moved to aggregates and heavy building
materials. We therefore believe that the future development of Cleveland
Potash would be better served as part of a major potash producer and
marketer, like ICL."
The Anglo American Group has been associated with Cleveland Potash since the
mine started activities in 1969, initially in partnership with ICI.
Cleveland Potash became a wholly owned subsidiary of Anglo American in 1989.
For further information:
Anglo American - London
Investor Relations Media Relations
Nick von Schirnding Kate Aindow
Tel: +44 207 698 8540 Tel: +44 207 698 8619
Anglo American - Johannesburg
Investor Relations Media Relations
Anne Dunn Marion Dixon
Tel: +27 11 638 4730 Tel: +27 11 638 3001
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 gold, platinum group metals and diamonds, with significant
interests in coal, base and ferrous metals, industrial minerals and forest
products. The group is geographically diverse, with operations in Africa,
Europe, South and North America and Australia. (www.angloamerican.co.uk)
Cleveland Potash Limited, located in North Yorkshire, is the UK's only
potash mine, producing potash and road salt and currently employs about 870
people. In 2000, Cleveland Potash produced around 1 million tonnes of potash
and over 500,000 tonnes of salt. (www.clevelandpotash.co.uk)
Israel Chemicals Limited, a member of the Israel Corporation Group, is a
global company engaged in the development, manufacture and marketing of
fertilizers and fertilizer raw materials, bromine and bromine compounds,
speciality and performance chemicals and metallurgy.
(www.israelchemicals.co.il)
