Codelco and Anglo Want More Time to Talk

Anglo American and Codelco will ask for a second extension, to mid August, to finish discussions aimed at resolving a dispute over ownership of Anglo’s Chilean unit, Codelco says. The pair, fighting over the Anglo American Sur mine, had in May requested a pause in court proceedings to allow for talks, and pushed back the first June 22 deadline to July 17. Coldelco wants to exercise a decades-old option to buy 49% of Anglo American Sur. Anglo agreed in November to sell 24.5% of the unit to Mitsubishi for $5.39bn, which Codelco saw as an attempt to block it from exercising its option fully. “The negotiations between the two firms continue and there is still no deal between the parties,” Codelco says.