Anglo American said on 22 December that it had filed a writ with Santiago’s Court of Appeals, suing the Chilean firm for breach of contract in a dispute over its south Chilean assets.
Codelco, the National Copper Corporation of Chile, took umbrage last month when Anglo announced it had sold 24.5% of its Chilean copper assets to Mitsubishi Corporation for US$5.39 billion.
The move by Anglo pre-empted Codelco’s option to acquire a 49% stake in Anglo American Sur SA (AAS) in January 2012 for what was to be a significantly lower price relative to what Mitsubishi paid.