Anglo American and Codelco Clash over Anglo American Sur

摘要

Anglo American announced November 9 completion of the sale of a 24.5% interest in Anglo American Sur SA (AAS) to Mitsubishi for $5.39 billion. AAS assets include the Los Bronces and El Soldado copper mines and the Chagres copper smelter in Chile. The sale brought Anglo American into dispute with Chilean state copper producer Codelco, which had announced October 12 that it had secured financing of up to $6.75 billion from Mitsui for use in exercising an option to purchase 49% of AAS in January 2012.Anglo American's transaction with Mitsubishi valued 100% of AAS at $22 billion. The $5.39-billion sale price was paid in the form of a promissory note delivered by Mitsubishi. The transaction was unconditional and was completed immediately following agreement on the terms of the transaction.