Anglo to oppose injunction

Anglo American chief executive Cynthia Carroll.

Anglo American chief executive Cynthia Carroll.

Published Nov 16, 2011

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Global resources giant Anglo American plc (AGL) says it notes the injunction granted by the Court of Appeals in Santiago, Chile in relation to Anglo American's ability to dispose of further shares in Anglo American Sur (AAS).

The option agreement between Anglo American, certain of its affiliates and copper producer Codelco, expressly contemplates the eventuality of Anglo American disposing of its AAS shares at any time prior to the date on which the option may be exercised and therefore no longer holding 100% of the shares in AAS.

“In such an eventuality, the percentage of shares in AAS over which Codelco may exercise its option is reduced by the percentage of shares in AAS not held by Anglo American at the time of exercise. The option is exercisable only during the month of January every three years until January 2027,” Anglo said in a statement issued late on Tuesday.

The injunction does not apply to the transaction between Anglo American and Mitsubishi Corporation which completed on 9 November 2011.

Anglo American said it intends to file a response to the injunction and will take such other steps as are necessary to protect its rights. - I-Net Bridge

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