Corporación Nacional del Cobre de Chile (Codelco)'s board has agreed to exercise its right to acquire up to 49% of Anglo American Sur in January 2012 for about $9.76bn.
Codelco entered into an agreement with Mitsui & Company on 12 October to receive debt finance of up to $6.75bn, for the acquisition.
Anglo American Sur assets include Los Bronces and El Soldado copper deposits, the copper charges smelter and other exploration projects Los Sulfatos and San Enrique Monolito.
With the exercise of the option to purchase and the agreement with Mitsui, Codelco will have a significant shareholding participation in a world-class asset.
The acquisition will also provide Codelco with additional resources that will allow its expansion and extension.