UPDATE 3-Anglo American to sell $1.5 bln of Brazilian assets to China
* Sale price exceeds market expectations
* Deal is subject to approvals, expected to be sealed by year-end
* Share price climbs 3 percent then pares gains (Adds Brazil context, Deutsche Bank advising, updates share price)
By Barbara Lewis
LONDON, April 28 (Reuters) - Anglo American has agreed to sell its niobium and phosphates businesses in Brazil to China Molybdenum for $1.5 billion in cash, it said on Thursday, as it seeks to cut debt in a radical restructuring of the global mining group.
Anglo American shares rose more than 8 percent, outperforming the sector as analysts said the price was higher than expected and boded well for further deals.
"The proceeds from this transaction ... will enable us to continue to reduce our net debt towards our targeted level of less than $10 billion at the end of 2016," Anglo's chief executive Mark Cutifani said.
The niobium and phosphates businesses consist of mines, plants, processing facilities, chemical complexes and deposits.
Niobium is an ingredient of specialist high-strength steels while phosphate production serves Brazil's domestic market for fertilisers. Continuación...