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Anglo Says Codelco’s Sur Unit Option Not a Normal One

Codelco CEO Diego Hernandez
Diego Hernandez, chief executive officer of Corp Nacional del Cobre de Chile (Codelco), stands for a photo at the company's offices in Santiago, Chile. Photographer: Diego Hernandez/Bloomberg

Anglo American Plc said Codelco’s option to increase its stake in Anglo’s Sur unit is “not a normal one.”

“Codelco’s executives appear to be in denial about what is set out explicitly in the legal contract, particularly in relation to timing and the mechanism for calculating the number of shares,” Anglo spokesman James Wyatt-Tilby said in an e-mailed response to a query today.

Wyatt-Tilby declined to comment on remarks by Codelco Chief Executive Officer Diego Hernandez yesterday that the company is considering seeking a court order to freeze profit earned by Sur until a ruling on their dispute with Anglo.

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