Miner Anglo American and joint venture partner Cliffs Natural Resources have agreed to sell their Amapa iron ore operation in Brazil to former commodities trader Pramod Agarwal's Zamin Ferrous for an undisclosed sum.Anglo bought control of Amapa, in the very north of Brazil, from Brazilian billionaire Eike Batista's MMX in 2008, as part of the $5.5 billion Minas Rio acquisition. But Amapa was deemed non-core and officially put on the block last year as the miner streamlines its asset portfolio globally.The sale announced on Friday, which adds to privately owned Zamin's portfolio of iron ore assets in Latin America, will allow Anglo to focus on its flagship Minas Rio in Brazil, where the miner has battled rising costs and permitting delays.Minas Rio has been a key factor in the souring of relations between Anglo's chief executive and shareholders, and, along with an upcoming review of the miner's platinum arm, is seen as critical to the recovery of its underperforming shares.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF remained unchanged at $38.17. In the past year, the shares have traded as low as $28.05 and as high as $78.85. On average, 8258740 shares of CLF exchange hands on a given day and today's volume is recorded at 0.
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