Grupo Mexico’s net profit jumps 34%, boosted by copper output
Copper production during the quarter totaled 270,747 metric tons, up 4.7% from a year earlier.
Anglo American said on Monday it has agreed to sell two royalty assets, including a De Beers-owned one related to the Onslow Iron project in Australia, to Taurus Funds Management for up to $195 million.
Anglo had started a review of its assets in February and plans to divest less profitable assets and focus on expanding copper output after BHP’s failed attempt to takeover the company.
Taurus will buy the De Beers unit that owns the royalty for $125 million in cash and up to $25 million of deferred consideration, Anglo said.
The other asset, a gold and copper royalty related to the Caspiche project in northern Chile, will be sold for $25 million in upfront cash and up to $20 million of deferred consideration.
(By Yadarisa Shabong; Editing by Savio D’Souza and Nivedita Bhattacharjee)
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