Anglo selling its zinc mines

ANGLO American is nearing the sale of its R7billion-plus zinc businesses, with a handful of rival miners preparing to submit binding bids later this month, people familiar with the matter said.

ANGLO American is nearing the sale of its R7billion-plus zinc businesses, with a handful of rival miners preparing to submit binding bids later this month, people familiar with the matter said.

Anglo, under pressure from investors after an abortive merger approach from rival Xstrata last year, is selling mines in Ireland, South Africa and Namibia as part of a multi-billion rand disposal and restructuring programme.

Several of the world's biggest zinc miners, including Xstrata, its biggest shareholder Glencore, and Vedanta's Hindustan unit are likely to bid, two of the people said. Anglo is seeking to sell the business as a whole, they added.

A Chinese bidder may also remain in the process, two of the people said, while one said Sweden's Boliden, which owns Europe's largest zinc mine, could also bid.

Anglo spokesperson James Wyatt-Tilby declined to comment in detail but said: "The process is advancing. There has been strong interest."

Boliden, Glencore and Xstrata declined to comment. Vedanta did not immediately respond to a request for comment. - Reuters

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