Anglo American sells grinding media assets

15th Nov 2010 07:45

Mining giant Anglo American is to raise $932m through the sale of Moly-Cop and AltaSteel.Australian steel manufacturer OneSteel is acquiring the businesses on a debt and cash free basis.Moly-Cop and AltaSteel were the grinding media and steel products businesses of Anglo American located in North and South America, and include the joint venture interests in the Donhad grinding media business in Australia and GenAlta Recycling in Canada. "This is a significant milestone for the company and positions OneSteel as a global player in grinding media with participation in the world's largest and most attractive mining consumables markets, as well as providing OneSteel with a great platform for future growth in mining consumables," said Geoff Plummer, chief executive officer of OneSteel. "The sale of Moly-Cop and AltaSteel represents further strategic progress as we continue to focus on our core commodity businesses and on the delivery of our major near term growth projects," said Cynthia Carroll, chief executive of Anglo American.