Anglo American may fully exit Brazil — report – by Cecilia Jamasmie (Mining.com – February 1, 2016)

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Beleaguered Anglo American (LON:ALL) is said to be planning a complete exit from Brazil, where the company has already put its $1 billion niobium and phosphate business up for sale.

First-round bids for those assets are due on Feb. 15, date that — reports local newspaper O’Globo (in Portuguese) — may bring some major surprises. According to veteran columnist Angelmo Gois, Anglo is also seeking to sell its Barro Alto nickel mine, as well as the vast Minas-Rio iron ore complex, which came into production last year, just as prices for the steelmaking ingredient spiralled toward historic lows.

Last week, Anglo said it was revising its production strategy for Minas-Rio to ensure lower operating costs, without given further details or mentioning any potential plans to sell the asset.

The mine had been plagued by delays and cost overruns since Anglo bought it for $5.5 billion in two stages in 2007-2008.

A company’s spokesperson told MINING.com that Anglo will set out its detailed portfolio plans in mid-February. In the interim, it would wrong to speculate about it, he said, adding that the firm had no further comments on the matter.

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