De Beers Sells Iron Ore Royalty For $150 Million

Anglo American said on Monday it has agreed to sell two royalty assets to Taurus Funds Management for up to $195 million. One of these royalty assets is De Beers' royalty interest in the Onslow Iron Project in Australia. Taurus will buy this unit for $150 million.

De Beers' CEO Al Cook refers to the announcement of their Origin Strategy on 31 May and says that with this sale, they are taking another step in delivering their promise to streamline De Beers. "This means that we can focus our people, our resources and our capital on what we do best: diamonds", according to Al Cook.

Taurus will also buy a gold and copper royalty linked to the Caspiche project in northern Chile for up to $45 million.

Both sales are expected to close in the fourth quarter.

Picture Credit: mineralresources.com