Anglo American is sounding out potential investors for its Brazilian ore assets as it prepares a detailed response to Xstrata’s £40bn merger proposal and steps up the search for a new chairman. The UK-based miner has held informal talks with Gulf Industrial Investment Company, the Bahrain iron oxide pellet producer, and Sojitz, aJapanese conglomerate, about taking a stake of up to 30% in MMX Minas-Rio, the Brazilian iron ore producer it acquired last year for £3.5bn. Anglo is also accelerating its hunt to replace chairman Mark Moody-Stuart in a push to strengthen defences against Xstrata.
