Anglo Prepares for USD 800 Million Zinc Asset Sale

LONDON, Jan. 18 -- Mining company Anglo American PLC (AAL.LN) is preparing to sell its zinc assets worth up to USD 800 million, the Independent newspaper reports.

Anglo American PLC 's advisers UBS and Goldman Sachs are preparing the statement concerning sale of assets, with the statement expected to be launched for potential bidders in early February.

John Parker, Chairman of Anglo American PLC, said the group has to fulfill its commitments to reduce costs of 100 billion pounds (about USD 160 billion) after the unsuccessful bid by Xstrata PLC for the company.

 Parker also expressed strong support for Cynthia Carroll, the CEO of Anglo American PLC, and said he supported Carroll’s move to cut costs and sell assets.

(Edited by SMM)