Anglo American plc said it has announced the completion of its sale of 100% of the Amapá iron ore operation in Brazil to Zamin Ferrous Ltd. following receipt of regulatory approval for an initial total cash consideration of $134 million, net of certain completion adjustments.

The diversified mining company added that Zamin will also pay Anglo American conditional deferred consideration of up to a maximum of $130 million in total, payable over a five year period and calculated on the basis of the market price for iron ore. Anglo American will use the proceeds to pay down debt.

“As part of the transaction, Anglo American will assume responsibility for, and the risks and rewards of, the insurance claim in relation to the Santana port incident by acquiring the claim at full claim value,” Anglo American said.