Anglo American sells off a chunk of Chilean assets

Mining colossus Anglo-American has sold off a large minority stake in its Chilean copper business for a reported $5.39bn to Japanese trading house Mitsubishi Corporation.

Mitsubishi has acquired 24.5% of Anglo American Sur (AAS), hitherto a wholly owned subsidiary of Anglo American. AAS is a Chilean copper mining and smelting company, holding a significant portfolio of copper assets in Chile, including the Los Bronces mine, the El Soldado mine, the Chagres smelter and large-scale prospective exploration properties.

AAS currently produces around 260,000 tonnes of copper per annum and the figure will rise to about 440,000 tonnes in 2012, after the completion of the Los Bronces expansion project.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Latest Videos From

Watch full video here:

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.