Anglo American has sealed agreements to sell two royalties to Taurus Funds Management for a maximum cash consideration of $195m.
The deal will see Anglo American receiving $150m in upfront cash and up to $45m in deferred cash payment, contingent upon certain conditions.
Taurus has agreed to purchase an iron ore royalty held by De Beers, which is linked to the Onslow Iron project in West Pilbara, Australia.
This will see Taurus buying the De Beers subsidiary that owns the royalty for an upfront cash payment of $125m and up to $25m in deferred payment.
Taurus will also acquire a gold and copper royalty related to the Caspiche project in northern Chile for an upfront cash payment of $25m and up to $20m in deferred consideration.
The transaction is due to complete in Q4 2024, subject to the fulfilment of standard closing conditions.