Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Zambia Copper Deal

JOHANNESBURG, South Africa -- Anglo American Corp. of South Africa said reports coming out of Zambia that it had agreed to buy three of Zambia's most important copper mines are "premature.''

The Nchanga, Nkana and Konkola mines are the richest prizes of the state-owned copper company, and their sale is key to Zambia's privatization program.

News reports from Lusaka quoted Zambia's finance minister, Edith Nawakwi, as saying a deal had been reached for Anglo American to take over the mines for $10 million in royalties and a commitment to spend $1.1 billion upgrading them.

Anglo American said Monday its team had signed "a nonlegally binding memorandum of understanding,'' and negotiations are continuing.