Anglo American is selling its interest in Anglo American Norte (“Norte”) to an investor consortium led by Audley Capital Advisors for $300m.

Norte business includes Mantoverde and Mantos Blancos copper mines located in northern Chile.

According to Anglo American, the agreement also includes additional future payments totaling up to $200m. This is subject to various factors including the average LME (London Metals Exchange) copper price performance and any future decision to pursue the sulphide life extension of the Mantoverde mine.

Anglo American Chief Executive Mark Cutifani said: "The sale of our Norte copper assets to the Audley consortium represents a good outcome for Anglo American, both in terms of the up-front value achieved, the potential upside geared to the copper price and the continued delivery of our asset disposal programme.

"John MacKenzie’s longstanding knowledge of these two mines and his appreciation for the operating environment in Chile stand him and the team on the ground in good stead for the future.

"In line with our strategic objectives, we are focusing our diversified portfolio on our largest and most value accretive assets, which include the Los Bronces and Collahuasi copper mines in Chile and the Quellaveco copper project in Peru."

The deal will be closed in the third quarter of the year.