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      Anglo America and Codelco form new company with respect to certain assets

      MoM Team / Mumbai, Aug 27, 2012 03:07 PM IST

        Anglo American plc and the National Copper Corporation of Chile today announced the agreement to form a new company, with respect to certain assets of Anglo American Copper in Chile known as Anglo American Sur.

        Anglo American and Codelco, with the support of their partners, Mitsubishi Corporation and Mitsui & Co. and as part of the reconciliation process called by the 14th Civil Court of Santiago, have agreed to end their contract demands regarding the purchase option of AA South. The agreement is the result of extensive dialogue which concluded that all parties have acted in good faith and with no intention of fraud in relation to the claims on which agreement has been achieved.

        Transactions will be made in cash and Anglo American intends to use the funds for general corporate purposes. South AA shareholders have entered into a shareholders' agreement provides a clear framework for the administration of AA South. This agreement confirms that Anglo American maintains control of the company and granted board representation and participation in the joint venture certain decisions Codelco / Mitsui and Mitsubishi.

        Cynthia Carroll, CEO of Anglo American, said: "The trade agreement today demonstrates the focus of Anglo American and Codelco in the future and its potential as partners for the benefit of both companies. In turn, has allowed us to add a significant value for our shareholders and other stakeholders, and recognizes the contribution of Mitsubishi to realize today's agreement. The alliance between Anglo American, Codelco, Mitsubishi and Mitsui creates significant potential for future investments in the district Los Bronces-one of the sites productive and prospective copper most captivating in the world-for the benefit of all our shareholders. "

        Thomas Keller, CEO of Codelco, said: "I am delighted that an agreement has been reached that meets our expectations in terms of value creation for Codelco, reaffirming Codelco's position as the largest copper producer in the world and lays the foundation for an innovative partnership with Anglo American in South AA. Now we can look forward to keep building together, on the basis of the value that both companies have achieved with today's agreement. "

        Gerardo Jofre, Chairman of Codelco, said: "This agreement is extremely positive for Chile, Codelco and Anglo American. Our Anglo American alliance can help unite the largest copper producer in the world with one of the largest diversified mining companies the planet. Everyone is committed to work in partnership, in the spirit of good faith and with the goal to realize the immense potential of AA South, for the benefit of Chilean employment and the economy as a whole. We are particularly pleased have reached this agreement with Mitsui, whose commitment to the success of this transaction has been key. "

        The closing of the transaction is subject to the lifting of an injunction by the 14th Civil Court of Santiago, for which the processing of procedures being performed today. The closing of the acquisition by the joint venture of Codelco / Mitsui 24.5% and 0.9% in AA South, will be held after receipt of the order to lift the injunction, which is expected to occur on Friday, August 24. The completion of the acquisition of 4.1% in AA South by the joint venture of Codelco / Mitsui is subject to approval by competition regulators in Brazil and thus, will be held later.

         


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      Source: Capital Market


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