Anglo chief confident in Chile fight
ANGLO American’s shareholders are “very supportive” of the company in its legal battle against copper producing giant Codelco in Chile, chief executive Cynthia Carroll said yesterday.
“We are very confident about our legal position. We have acted within our rights and we are in no doubt about that,” Carroll said at a mining industry gathering.
Anglo American’s director of strategy and business development Peter Whitcutt said the miner expected Codelco would engage in “sensible conversations” over the firm’s assets in south Chile, and failing that expected to pursue the matter in court.
Anglo has argued Codelco has invalidated its option by attempting to exercise it pre-emptively.
Carroll declined to comment on the impact of the planned $90bn takeover of rival miner Xstrata by commodities trader Glencore, a tie-up to create a deal-driven powerhouse which analysts say could have Anglo in its sights.
She said Anglo, focused on growth projects including the Minas Rio iron ore operation in Brazil, would be sticking to its plan of developing its own assets.