This content is from: Innovation
Codelco Secures $6.75B For Anglo Sur Buy
Chilean state-owned copper producer Corporación Nacional del Cobre is planning to exercise an option to purchase 49 percent of some of Anglo American’s copper assets in Chile.
Chilean state-owned copper producer Corporación Nacional del Cobre (Codelco) is planning to exercise an option to purchase 49 percent of some of Anglo American’s copper assets in Chile, Financial Times reports. Codelco has secured $6.75 billion in financing from Japanese trading house Mitsui & Co. to buy the assets of one of the world’s largest diversified mining and natural resource groups.
The agreement gives Codelco an option to pay back part of the loan by selling the Japanese trader 50 percent of the equity acquired from Anglo at a valuation of $9.76 billion for the 49 percent stake. The assets, known as Anglo Sur, include the Los Bronces mine, which is one of Anglo’s largest projects. Goldman Sachs Group has put the net asset value of the assets at $18 billion to $19 billion, giving a 49 percent stake a value of $8 billion to $9 billion.
Click here for the story from Financial Times.
Click here for additional coverage from Reuters.