ANGLO American’s hopes of a swift end to its Chilean fight faded yesterday after the boss of Codelco signalled there will be no change in the Chilean state copper giant’s attitude toward its right to acquire 49 per cent of Anglo American’s assets in Chile.
Thomas Keller, who is set to take the helm of the world’s top copper producer on 1 June, also said if a deal with Anglo is not reached within a month, Codelco will revive its litigation against its London-listed rival, according to local media.
The two sides have been waging an acrimonious battle since last October over Codelco’s long-standing option to buy a minority stake in the coveted Anglo American Sur properties, including the flagship Los Bronces mine.
Keller, who is currently Codelco’s chief financial officer, is set to become CEO after Diego Hernandez abruptly resigned last week due to friction with the board.
The departure of Hernandez, announced two days after the feuding miners agreed to pause their court battle to sit down and talk, sparked questions about whether Codelco’s strategy in the conflict might evolve under new leadership.