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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
8 of the best houses for sale with libraries
This week: the best houses for sale with libraries – from a five-storey Georgian townhouse in Bloomsbury, London, to a 15th-century property with a library in a medieval tower in Lozère, France
By Natasha Langan Published
-
Investors pull money from UK equities as government warns of “painful” Budget
The government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
By Katie Williams Published