Company agrees $1.5B sale of niobium and phosphates units

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 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.