Codelco Pays $2.8B For Copper Mine Stake To Settle Dispute

Law360, New York (August 23, 2012, 7:10 PM EDT) -- Chilean state-owned copper company Codelco will pay Anglo American PLC $2.8 billion for a minority stake in a coveted copper mine's vast reserves to settle a dispute over contract options for the mine, the companies announced Thursday.

Anglo American will retain a 50.1 percent share — down from 75.5 percent stake — of Anglo American Sur SA, while a joint venture between Codelco, formally the Corporacion Nacional del Cobre de Chile, and Mitsui & Co. Ltd. will buy a 29.5 percent stake in Sur for $2.8...
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