This content is from: Innovation
Anglo American Sheds Chile Mine Stake
Listed U.K. mining company Anglo American has offloaded a 24.5 percent stake in its Sur copper mining complex in Chile for $5.39 billion.
Listed U.K. mining company Anglo American has offloaded a 24.5 percent stake in its Sur copper mining complex in Chile for $5.39 billion, The Wall Street Journal reports. Japan's Mitsubishi Corp. has acquired the Sur complex that consists of the Los Bronces and El Soldado copper mines, the Chagres smelter and the newly discovered copper-rich deposits Los Sulfatos and San Enrique Monolito.
The proceeds will be used for general corporate purposes. Anglo had originally acquired the property from Exxon Mobil Corp. for $1.3 billion, while state copper giant Corporación Nacional del Cobrede Chile (Codelco) was also among the leading potential buyers for the deal but lost out by offering up to $1.2 billion. However, Codelco may now exercise its option to purchase a 49 percent stake in the complex.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Financial Times.