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Anglo American completes US$1.08 billion sale of Moly-Cop and AltaSteel to OneSteel

Date Closed

January 4, 2011

Lead Office



1.08 Billion USD

On January 4, 2011, Anglo American plc (“Anglo American”) announced the completion of the sale of Moly-Cop and AltaSteel to OneSteel Limited (“OneSteel”) for cash proceeds of US$1.08 million.

Moly-Cop, headquartered in Santiago, Chile, a global manufacturer of grinding media, with facilities in Chile, Peru, Mexico and Canada. These facilities convert steel bars supplied by both AltaSteel and external steel suppliers into grinding balls for use in mine milling circuits.

AltaSteel, based in Edmonton, Canada, a vertically-integrated steel mini-mill, which is supplied with scrap steel by Maple Leaf Metals (wholly-owned) and GenAlta (50%-owned). AltaSteel’s products are ballstock (feedstock for grinding ball plants), heat-treated grinding rods for use in rod mills and reinforcing bars.

OneSteel Limited is a fully integrated, global manufacturer and distributor of steel and finished steel products. The company is self sufficient in iron ore and has the ability to be self sufficient in scrap metal. OneSteel is Australia's premier manufacturer of steel long products and a leading metals distribution company in Australia and New Zealand. OneSteel also makes external sales of hematite iron ore and scrap metal. Revenue for the 2010 financial year exceeded $6.2 billion. OneSteel services more than 30,000 customers, offers more than 40,000 products globally and employs over 10,500 people. In addition to its Australian manufacturing operations and extensive distribution footprint, OneSteel also operates nearly 50 facilities overseas, with the majority of these including major manufacturing and recycling sites in New Zealand and Asia. Additional facilities in the United States include grinding media, LiteSteelTM Technologies and recycling operating activities.

Anglo American plc is one of the world’s largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Anglo American’s portfolio of mining businesses spans precious metals and minerals – in which it is a global leader in both platinum and diamonds; base metals – copper and nickel; and bulk commodities – iron ore, metallurgical coal and thermal coal. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company’s mining operations and extensive pipeline of growth projects are located in southern Africa, South America, Australia, North America and Asia.

McCarthy Tétrault LLP acted as Canadian counsel to Anglo American Plc, the vendor, with a team led by Roger Taplin.