Anglo American Plc hired several banks to sell as much as 49.9% of its largest development project. The company hired Goldman Sachs and UBS AG for the sale according to two people with direct knowledge of the matter.

Anglo American is based in London. The company sought to sell at least 30% of its stake in the Minas-Rio iron ore project in Brazil. The said project suffered licensing delays and cost overruns according to sources. Private equity funds showed interest said sources who wished not to be named as the discussions were held private.

Anglo values the project to be as much as US$6 billion. The proposed deal for the 49.9% stake of the iron ore project in Brazil could reach for around US$1 billion said two people. In January, Anglo said that it sold 70% of the Amapa iron-ore operation in Brazil to Zamin Ferrous Ltd without disclosing any terms of the transaction. The said transaction was priced at US$380 million still according to same sources.