A bitter legal battle appears to be brewing between FTSE 100 mining firm Anglo American and the Chilean, state-owned copper miner Codelco.
Anglo says it has received a letter from Codelco seeking to exercise an option to buy a 49% stake in Anglo American Sur, a huge copper mining plant in Chile that Anglo has spent billions upgrading.
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
On December 22 Anglo filed a legal complaint for breach of contract over what it describes as an "illegitimate premature attempt to exercise the option."
Both firms say they are willing to work to a negotiated settlement.
BS
-
FCA car finance compensation: £700 each expected for 14 million driversEligible motorists could begin getting a payout from next year under the financial watchdog’s planned car finance compensation scheme
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
