Corporación Nacional del Cobre de Chile (Codelco) has entered into an agreement with Mitsui & Company to receive debt finance of up to $6.75bn, which will be utilised for acquisition of up to 49% of shares of Anglo American Sur.
Anglo American Sur owns and operates the Los Bronces and El Soldado mines, the Chagres smelter and the Los Sulfatos and San Enrique Monolito prospects in Chile.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Under a second agreement, Mitsui will provide Codelco with an option to settle a portion of the loan, with an indirect 50% stake in the Anglo Sur shareholding acquired by Codelco, based on a pre-determined value for the 49% interest in Anglo Sur of about $9.76bn.
The agreement will give Codelco the chance to realise a significant portion of the Anglo Sur operations’ value and the flexibility to repay a substantial portion of the Anglo Sur acquisition indebtedness.
Codelco and Mitsui, have also entered into an offtake agreement for 30,000tpa of contained copper subject to market-based pricing terms.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
