Anglo may lose Chilean mines

MINING group Anglo American said it would “consider the implications” of Codelco’s announcement that it hopes to use its option to buy Anglo’s 49 per cent shareholding in its Chilean copper assets.

State-run Codelco said its has lined up $6.75bn (£4.3bn) of funds in a deal with Japanese trading house Mitsui.

Anglo has held the two mines and a smelter since 2002, but Codelco has had an option to buy since 1978. Codelco has the opportunity to exercise its option every three years, with the next such window coming up in January.