As per the revised deal, Zamin will pay Anglo American for about $130m payable over a five year period and calculated on the basis of the market price for iron ore. Anglo American will use the proceeds to pay down debt.
In January, 2013, Anglo American had signed a deal with Zamin, to sell 70% interest in the project.
In March, before closing the transaction, a major geological event, which occurred at the Santana port facility, resulted in the destruction of the port shiploader infrastructure and sampling tower, as well as loss of six lives.
As a result, Anglo American, once again entered into discussions with its partner Cliffs Natural Resources and Zamin.
Anglo American has agreed to acquire remaining 30% interest in the project from Cliffs, and decided to sell 100% stake to Zamin.
The transaction, which is expected to be completed by the end of 2013, is subject to Amapá state regulatory approval.
