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AGL - Anglo American plc - Anglo American to divest minority interest in

Release Date: 05/09/2011 08:00
Code(s): AGL
Wrap Text

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 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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