London-based mining giant Anglo American Plc (AAUK) plans to open talks with China's state-owned aluminum producer, Aluminum Corporation of China Limited (ACH), or Chinalco, and at least one unidentified Middle Eastern investor about a partnership to inject hundreds of millions of dollars into the company's Brazilian iron-ore business MMX, media reported Sunday.
The negotiations are reportedly at an early stage and there is no certainty that a deal will be reached.
As per a report, Anglo American is in talks with Dubai Natural Resources World, a unit of Dubai-government owned Dubai World, to develop the iron ore sources in Brazil. Anglo reportedly believes it needs $3.6 billion to develop the Brazilian iron ore.
According to the Financial Times, Anglo American had held informal talks with Gulf Industrial Investment Co., a Bahrain iron oxide pellet producer, and Japanese trading house Sojitz about taking a stake of up to 30% in MMX.
Anglo American has also reignited its plans to appoint Sir John Parker as chairman, replacing outgoing board chief Mark Moody-Stuart, reports said. According to Sunday Times, Jim Leng, who recently stepped down as chairman of Rio Tinto, had been put forward as a potential candidate to succeed Moody-Stuart.
Moody-Stuart, who served as Anglo American's chairman since 2002, has announced his intention to step down.
Last week, Anglo American rebuffed a GBP 41 billion proposal from Xstrata plc (XTA.L) to consider a merger of equals.
AAUK closed Friday's trading at $14.85, down $0.36, on a volume of 2.54 million shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.