Multi-Billion Dollar Dispute: Codelco And Miner Anglo American
Anglo American announces that as part of the court’s conciliation proceeding in Chile, to which the judge of the 14th Civil Court of Santiago had summoned Anglo American and Codelco (“the parties”) on 22 May, the parties have agreed to explore the possibility of negotiating an agreement in relation to Anglo American Sur. Should this prove successful, it will enable the parties to overcome their current legal dispute.
At stake in the dispute with Anglo are assets that include the Los Bronces mine, which could produce 490,000 tonnes of copper annually, positioning it as the world’s No. 5 copper operation – an enticing prospect given an absence of notable new deposits in recent years.
The miners, which had been due to appear before a Santiago court as part of standard “conciliation” proceedings, instead asked on Tuesday for a month-long suspension of the court battle, opening a window for talks that will last until June 22.
Anglo American is one of the world’s largest mining companies focusing on platinum group metals, diamonds, copper, nickel, iron ore, metallurgical and thermal coal.
Codelco is a Chilean state copper giant.
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