Anglo American may sell MMX stake to Chinalco

Anglo American Plc, a London-headquartered mining giant, is reportedly in negotiations to sell a major investment stake in its Brazilian iron-ore business, MMX, to Aluminum Corp of China (Chinalco), the parent of China's largest aluminum producer Chalco<601600><2600><ACH>, the Sunday Telegraph reported.

The newspaper said that the British company, which rebuffed a US$67.74-billion merger proposal from Xstrata, is to launch talks with state-owned Chinalco and at least one unspecified Middle Eastern investor.

People close to the matter said that the talks are just beginning and that there is no certainty that the companies will conclude a deal.

The Financial Times reported on its website that Anglo American had held informal discussions with Gulf Industrial Investment Co, a Bahrain iron oxide pellet producer, and Japanese trading house Sojitz about selling a stake of up to 30% in MMX.

State-owned Chinalco said last week that it held preliminary talks with Canada's Ivanhoe Mines about a wide range of international developments, including recent discoveries of major deposits, but that no concrete agreement was reached, according to an earlier report from China Knowledge.

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