Anglo American Company agrees $1.5B sale of niobium and phosphates units

The deal is subject to certain approvals and is expected to close in the second half of the year.

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The Anglo American logo is seen in Rusternburg October 5, 2015. play The Anglo American logo is seen in Rusternburg October 5, 2015. (REUTERS/Siphiwe Sibeko/File Photo)
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Miner Anglo American said on Thursday it had agreed to sell its niobium and phosphates businesses to China Molybdenum for $1.5 billion in cash to reduce its debt level.

The businesses, consisting of mines, plants, processing facilities, chemical complexes and deposits, are located in Brazil.

The deal is subject to certain approvals and is expected to close in the second half of the year.

"The proceeds from this transaction ... will enable us to continue to reduce our net debt towards our targeted level of less than $10 billion at the end of 2016," Anglo's Chief Executive Mark Cutifani said in a statement.

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