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Brazil & Southern Cone - November 2011 (ISSN 1741-4431)

CHILE: Codelco threatens Anglo over Mitsubishi deal

On 9 November the UK-headquartered Anglo American mining group sold 24.5% of its wholly-owned Chilean subsidiary, Anglo American Sur (AAS), to Japan’s Mitsubishi Corp for US$5.4bn. The sale infuriated Chile’s state-owned mining company, Corporación del Cobre (Codelco), which in October had announced that it would exercise an option to take a 49% stake in AAS. The deal would have been Codelco’s biggest ever investment.

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