CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Chilean Government urged state-owned copper producer Codelco and Anglo American Plc (AAL) to seek an out-of court resolution to a contractual dispute over the sale of a stake in Anglo’s mine and smelting assets in the country.
As reported by the online version of “La Tercera” newspaper, Minister of Mines Hernán Solminihac, said the government is hoping both companies will find the best solution for the interests of all Chileans.
While Codelco is prepared to negotiate with Anglo, the starting point of any discussions would be to recognize Codelco’s right to the full 49 percent stake, the company’s Chief Executive Officer Diego Hernandez said today at a public event in Santiago. He declined to comment when asked if talks to end the dispute had already started.
Yesterday, Hernandez said any talks with Anglo American regarding Codelco’s option agreement to buy up to 49 percent of the London-based company’s Sur assets have to begin “without conditions.”
Anglo, seeking to oppose the injunction, has said its contract with Codelco allows the sale of Sur shares to others before Codelco can exercise the option. The state-owned company is permitted to exercise the option in the month of January every three years until 2027. The injunction doesn’t apply to the Nov. 9 transaction with Mitsubishi, according to Anglo.
Image of Minister of Mines Hernán Solminihac by Sebastián Piñera E.
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