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Anglo American PLC said Monday that it has agreed to purchase Sirius Minerals PLC for 5.5 pence in cash per share.

Anglo American

AAL, +0.07%

 said that the acquisition by its wholly owned subsidiary, Anglo American Projects UK Ltd., values the entire issued and to be issued share capital of Sirius at 404.9 million pounds ($526.5 million).

The cash offer that Sirius

SXX, +0.09%

  shareholders will receive compares with the previous day’s closing price of 5.4 pence.

The company said that Sirius Minerals’ North Yorkshire polyhalite project has the potential to become a world-class, low-cost and long-life asset.

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