Codelco May Pay $3.5 Billion for Mine, Newspaper Says

(Corrects date on item.)

Codelco, engaged in a dispute with Anglo American Plc (AAL) over the world’s fifth-biggest copper mine, may pay $3.5 billion for a 30 percent stake, El Mercurio reported, citing people the newspaper didn’t identify.

Under terms of the agreement, Mitsui & Co. (8031) will lend Chile’s state copper miner as much as $5.8 billion and will take a 5 percent stake in Anglo Sur, the newspaper said.

Codelco originally planned to pay $10 billion for a 49 percent stake in Anglo Sur, which includes the Los Bronces operation, according to El Mercurio.

The companies are still in negotiations, the newspaper said.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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