Anglo American completes disposal of Highveld Steel
04 May, 2007
Anglo American plc (“Anglo American”) is pleased to announce the disposal of its remaining 29.2% shareholding in Highveld Steel and Vanadium Corporation Limited (“Highveld”) to the Evraz Group S.A. (“Evraz”) for $238 million.
Evraz was granted a call option, subject to regulatory approvals, over this stake in July 2006, when Anglo American sold 49.8% of Highveld to Evraz and Credit Suisse. Evraz advised that the requisite regulatory approvals had been obtained and exercised the option.
This transaction has closed and marks the completion of Anglo American's disposal of its interest in Highveld. Since July 2006, Anglo American has achieved proceeds of $678 million, including the initial payment of $412 million, dividends of $28 million and the final payment of $238 million. Anglo American's representatives have resigned from the Highveld board.
Cynthia Carroll, CEO of Anglo American, said “The completion of Anglo American's disposal of Highveld represents an important milestone in implementing our strategy of re-focusing Anglo American on its core mining business.”
Notes to Editors:
Anglo American plc is one of the world's largest mining and natural resource groups. With its subsidiaries, joint ventures and associates, it is a global leader in platinum group metals, gold and diamonds, with significant interests in coal, base and ferrous metals, industrial minerals and paper and packaging. The group is geographically diverse, with operations in Africa, Europe, South and North America, Australia and Asia. (www.angloamerican.co.uk)