Anglo American sells copper mines in Chile to UK investment firm

Mantos Blancos, one of the two copper mines Anglo American has sold.

Anglo American (LON:AAL) confirmed Monday it is selling two of its copper mines in Chile to a consortium led by UK-based investment firm Audley Capital, in a deal worth $300 million.

The sale agreement for the open-pit Mantos Blancos and Mantoverde mines, includes conditional future payments, which could boost the eventual price tag by $200 million, Anglo said. The potential price increase would also depend on whether Audley pursues an expansion plan for the Mantoverde mine to extend its life.

The London-based company has been looking to divest assets in Chile for months, as it aims to focus instead on expansions at its larger “world-class” operations —Collahuasi and Los Bronces—, as well as its Quellaveco copper project in Peru.

The miner is also disposing businesses that have pulled its average down, including four platinum mines and some coal assets in South Africa, as well as coal interests in Australia.

Earlier this month, Chilean media reported that Anglo American was also fine-tuning details to unload El Soldado mine and the Chagres smelter.