Anglo American and Codelco extend talks again

Mining firms Anglo American and Codelco have agreed to extends talks for a second time over the disputed ownership of Anglo American Sur.

Global mining giant Anglo and Chilean copper miner Codelco both requested the continued suspension of their legal proceedings until August 24th, 2012 at the 14th Civil Court of Santiago to allow talks to continue.

The discussions between Anglo American and Codelco are confidential and no comment will be provided in relation to speculation about the content of those discussions, the statement said.

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The two companies have been at loggerheads over Anglo American Sur since late in 2011, when Codelco indicated it wanted to exercise an option to buy 49% of the Anglo American subsidiary. Anglo American responded by filing a legal complaint against Codelco for breach of contract seeking the termination of the option agreement and damages, claiming Codelco's attempt to exercise its option was premature and illegitimate. Codelco's move was triggered by Anglo's decision to sell 24.5% of Anglo American Sur to Mitsubishi.

On May 22nd of this year Anglo American and Codelco agreed to talks and suspension of legal proceedings.

JH