Anglo, Codelco Seek Out-of-Court Agreement, La Tercera Says

Codelco, Chile’s state-owned copper company, and Anglo American Plc (AAL) are seeking an out-of-court resolution to their dispute over the sale of Anglo’s Sur unit, La Tercera reported today, citing unidentified people with knowledge of the matter.

Company executives have met in New York since suggesting on Nov. 24 at the Mining Council’s annual dinner that they wanted to seek a settlement, the Santiago-based newspaper said.

Codelco is seeking to overturn Anglo’s sale of 24.5 percent of its Sur unit to Mitsubishi Corp. (8058) The Santiago-based company says the transaction impedes it from exercising an option to buy as much as 49 percent of the Sur unit.

Anglo has said its contract with Codelco allows the sale of Sur shares to others before Codelco can exercise the option. Codelco is permitted to exercise the option in the month of January every three years until 2027.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net.

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.