{"id":6268,"date":"2011-12-20T00:33:19","date_gmt":"2011-12-19T22:33:19","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/update-1-anglo-american-may-sell-amapa-iron-ore-stake-sources\/"},"modified":"2011-12-20T00:33:19","modified_gmt":"2011-12-19T22:33:19","slug":"update-1-anglo-american-may-sell-amapa-iron-ore-stake-sources","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-anglo-american-may-sell-amapa-iron-ore-stake-sources\/","title":{"rendered":"UPDATE 1-Anglo American may sell Amapa iron ore stake-sources"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>By Silvia Antonioli and Clara Ferreira-Marques<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">LONDON<\/span> Dec 19 (Reuters) &#8211; Global miner Anglo American<br \/>\n is considering selling its majority stake in the Amapa<br \/>\niron ore operation in northern Brazil as it focuses on its<br \/>\nflagship Minas-Rio growth project further south, several<br \/>\nindustry sources said.<\/p>\n<p><span><\/span><\/p>\n<p>Anglo bought control of the Amapa operation, which produces<br \/>\nboth pellet and sinter feed, in 2008, as part of the $5.5<br \/>\nbillion Minas-Rio acquisition from Brazilian billionaire Eike<br \/>\nBatista&#8217;s MMX.<\/p>\n<p><span><\/span><\/p>\n<p>An internal valuation has put the Amapa operation&#8217;s value at<br \/>\nup to $1.5 billion, meaning Anglo&#8217;s 70 percent holding would be<br \/>\nworth at least $1 billion, according to one of the industry<br \/>\nsources with direct knowledge of the matter.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;It is a small mine, it is not the best asset in the world.<br \/>\nIt is in the Amazon and the logistics are difficult &#8230; They<br \/>\nwould rather focus on Minas-Rio,&#8221; a second industry source said.<\/p>\n<p><span><\/span><\/p>\n<p>Another source familiar with the situation said the mine was<br \/>\nnot scaleable and pointed to restrictions on Capesize vessels in<br \/>\nthe Amazon port serving Amapa, limiting the amount of ore that<br \/>\ncan be shipped at any one time and increasing freight costs.<\/p>\n<p><span><\/span><\/p>\n<p>Anglo American declined to comment on Monday.<\/p>\n<p><span><\/span><\/p>\n<p>Commercial production began in January 2010 and Amapa is<br \/>\nexpected to produce 4.5 million tonnes in 2011, according to<br \/>\nAnglo American&#8217;s annual report &#8212; a fraction of Minas Rio&#8217;s<br \/>\nexpected production of 26.5 million tonnes per year. Amapa<br \/>\nbecame profitable at the end of 2010, ahead of schedule.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Silvia Antonioli and Clara Ferreira-Marques LONDON Dec 19 (Reuters) &#8211; Global miner Anglo American is considering selling its majority stake in the Amapa iron ore operation in northern Brazil as it focuses on its flagship Minas-Rio growth project further south, several industry sources said. Anglo bought control of the Amapa operation, which produces both [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6268","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6268"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6268\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}