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Anglo Says Codelco Placed $400 Million Value on Land

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(Corrects tax number in second paragraph.)

Aug. 23 (Bloomberg) -- Anglo American Plc said Codelco placed a value of about $400 million on undeveloped land it will transfer from its Sur unit to the Chilean state-owned company as part of a deal to settle claims.

Anglo placed nominal commercial value on the mining tenements, Peter Whitcutt, group director of strategy and business development, said on a conference call with reporters today. Anglo will pay $318 million in tax on the overall deal announced today, spokesman James Wyatt-Tilby said by phone.

To contact the reporter on this story: Carli Cooke in Johannesburg at clourens@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

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