Anglo American Agrees to Reduced Price for Brazil Mine

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Anglo American Plc has agreed to a reduced price for its Amapa iron-ore mine in Brazil with buyer Zamin Ferrous Ltd.. The port used by the project was damaged by a landslide in March that killed six people, reports Bloomberg.

“Zamin will pay as much $266 million for all of Amapa after Anglo agreed to buy the 30 percent it doesn’t already own from Cliffs Natural Resources Inc. (CLF) and included it in the transaction, London-based Anglo said in a statement today. Anglo in January agreed to sell its 70 percent stake in Amapa to Zamin for $380 million, two people with direct knowledge said in June.”

On Tuesday, September 24, the day’s biggest mover was the nickel 3-month price, which saw a 2.0 percent decline on the LME to $13,915 per metric ton. On the LME, the nickel spot price fell 1.8 percent to $13,825 per metric ton. The cash price of primary Indian nickel saw a 0.9 percent decline.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement at. The price of Chinese ferro-moly was unchanged.

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The price of Chinese primary nickel declined 0.9 percent. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap saw little movement.