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Codelco/Anglo American business negotiations 'going to court'

Business negotiations between two major miners will be going through the courts in Chile, it has been claimed.

03 January 2012

Business negotiations between Anglo American and Codelco may now need to go to a Chilean courtroom, the Financial Times has said.

The miners have been arguing over what assets they have a legal right to and Anglo American has accused Codelco of breaching its contract.

Codelco has bought a 49 per cent stake for around $6 billion (£3.9 billion) in Anglo American's Chilean asset suite Anglo American Sur.

President of the company Gerardo Jofre was confident at a news conference today (January 3rd) that the law was on his side.

However, Anglo American has refuted the assertion that Codelco has a right to the full 49 per cent.

It has already fought this claim after it revealed it had sold part of the firm to Japanese firm Mitsubishi, leaving Codelco access to only 24.5 per cent.

Shares in Anglo American were up 4.9 per cent on London trading platforms by 16:15 GMT.

Posted by Edel Quinn

Source: Financial Times and Reuters, January 2nd.

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