ANGLO American is to sell two royalty streams held through its 85% owned De Beers to Sydney-headquartered Taurus Funds Management for $195m.
The UK-listed group said on Monday the royalties consisted of an iron ore stream owned by De Beers related to the Onslow Iron project in Australia’s West Pilbara and a gold and copper royalty related to the Capische project in northern Chile.
The announcement comes as Anglo works through a two-year restructuring in which it intends to unbundle its shares in Anglo American Platinum and sell its stake in De Beers, as well as sell its metallugical mines and, potentially, other minor investments.
In terms of the definitive sales agreements, Taurus will pay Anglo $150m in an upfront cash and a further $45m in deferred cash.
The sale is expected to close in the fourth quarter.
