Anglo American agrees sale of two royalty assets for cash proceeds of up to US$195 million

Press Release by Anglo American

July 22, 2024

Anglo American has entered into definitive agreements to sell two royalties to Taurus Funds Management (“Taurus”) for a total of up to US$195 million in cash: comprising an upfront cash payment of US$150 million and up to US$45 million of deferred cash consideration that is subject to certain conditions.

Taurus has agreed to acquire:

• an iron ore royalty owned by De Beers related to the Onslow Iron project in West Pilbara in Australia. Taurus will acquire the subsidiary company of De Beers that owns the royalty for upfront cash consideration of US$125 million and up to US$25 million of deferred consideration;

• a gold and copper royalty related to the Caspiche project in northern Chile for upfront cash consideration of US$25 million and up to US$20 million of deferred consideration.

The sale is expected to close in Q4 2024, pending customary closing conditions.