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
-
The battle of the bond markets and public financesAn obsessive focus on short-term fiscal prudence is likely to create even greater risks in a few years, says Cris Sholto Heaton
-
'Rachel Reeves’s tax rise will crash the economy'Opinion Rachel Reeves will be the first chancellor since Denis Healey in the 1970s to raise income tax. It will only push Britain into recession, says Matthew Lynn
