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

Codelco, Chile’s state-owned copper company, and Anglo American Plc 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. 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.

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