Canadian firm Anaconda Mining sells Chilean iron ore assets to Hierro Tal Tal

Anaconda Minincoal fired power stations in nigeriag has sold its Chilean iron ore exploration assets to Hierro Tal Tal S.A., a privately-owned Chilean company, in a deal worth up to US$11 million in cash as well as other considerations.

The company said it will use two separate payments of $2 million each to repay debt, with the second payment being made around May 31, 2012. Under the deal, Anaconda is entitled to an additional $3 million upon achievement of commercial production and up to another $4 million based on the sales price realized for certain volumes of production from the properties. The company will also earn a gross sales royalty and receive a 1.25 per cent carried interest in CPTT, a private Chilean company whose principal asset is a concession giving it the right to build a port in the city of Taltal. Anaconda's main asset is the Pine Cove mine on the on the...