[miningmx.com] – ANGLO American said it had completed the sale for $134m of its Amapa iron ore mine in Brazil to Zamin Ferrous with a further $130m being paid to the UK-listed group on a deferred basis and pending certain conditions.
The deferred $130m payment will be based on the market price for iron ore over a five-year period.
The transaction was re-calculated following an earthquake that damaged the Santana port that Amapa uses. In terms of the new conditions, Anglo takes the risks and rewards of a insurance claim by acquiring the claim at full value.
