Anglo American (OTCQX:NGLOY) (OTCQX:AAUKF) plans to sell a 49% stake in the North Yorkshire fertilizer mine Woodsmith in order to cover some of the $9B development costs, as per The Times of London report.
It is understood to have begun work internally to identify potential investors before launching a formal sale.
CEO Duncan Wanblad told City analysts that the company was proceeding “at pace to find a partner” for the Woodsmith fertilizer mine. Anglo American (OTCQX:NGLOY) is targeting infrastructure investors and sovereign wealth funds, as well as distribution companies. Wanblad said it needed to be “the right partner at the right price for this particular asset.” as per the report.
Anglo (OTCQX:AAUKF) is trying to slash expenses across the board as a result of a decline in commodity prices and production issues that have negatively impacted revenues.
Woodsmith is Anglo’s (OTCQX:AAUKF) biggest capital expenditure project, which the company acquired in 2020 from its former owner, Sirius Minerals, for £405M.
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