Codelco Pulls Trigger on Anglo American Assets

Chilean state-owned copper producer Codelco has opted to exercise its option to buy 49% of the Anglo Sur mining complex, a group of Chilean mining projects owned by global miner Anglo American. The company can exercise its right to buy the stake, valued at $9.76bn, in January 2012. In preparation for a potential purchase, the copper miner secured a $6.75bn bridge loan earlier this month from Japan’s Mitsui and Co. Codelco originally bought the rights of purchase from fellow state-owned miner Empresa La Minera for $175m. The prime assets of Anglo Sur include the Chagres smelter, the San Enrique and Los Sulfatos exploration projects and two mines, Los Bronces and El Soldado. In public statements Friday, Chilean finance minister Felipe Larrain said the government expects Anglo American to honor Coldelco’s acquisition rights.