| Thu 22 Dec 2011, 16:12 | | AGL - Anglo American plc - Anglo American protects its rights in Chile while |
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AGL
ANAAL
AGL - Anglo American plc - Anglo American protects its rights in Chile while
open to a commercial solution
Anglo American plc ("the Company")Incorporated in the United
Kingdom(Registration number: 3564138)Short name: AngloShare code: AGLISIN
number: GB00B1XZS820
Anglo American protects its rights in Chile while open to a commercial solution
Anglo American announces that it has filed a writ today with the Court of
Appeals in Santiago, for distribution to the competent court, against Codelco
for breach of contract.
Anglo American`s writ states that Codelco breached the option agreement in
relation to Anglo American Sur ("AAS") and the procedures set out in that
agreement. The breach consists of Codelco`s premature attempt to exercise the
option and Codelco`s actions aimed at preventing Anglo American from exercising
its contractual rights under the option agreement. The action seeks to render
ineffective the potential future exercise of the option by Codelco and also
seeks damages.
Anglo American owes a duty to its shareholders to take all reasonable steps to
protect its rights and will continue to do so. However, following Anglo
American`s announcement on 9 November 2011 of the sale of a 24.5% shareholding
in AAS to Mitsubishi, Anglo American has stated consistently that it is open to
working with Codelco to arrive at a commercial solution in respect of the option
agreement that is in the long term interests of both companies` shareholders.
Cynthia Carroll, Chief Executive of Anglo American, said: "We continue to be
open to reaching a mutually agreeable commercial solution with Codelco for the
benefit of all our shareholders and ultimately for Chile. While both Anglo
American and Codelco have taken legal measures, this does not detract from our
willingness to reach agreement with Codelco."
Notes to editors:
Anglo American is one of the world`s largest mining companies, is headquartered
in the UK and listed on the London and Johannesburg stock exchanges. Anglo
American`s portfolio of mining businesses spans bulk commodities - iron ore and
manganese, metallurgical coal and thermal coal; base metals - copper and nickel;
and precious metals and minerals - in which it is a global leader in both
platinum and diamonds. Anglo American is committed to the highest standards of
safety and responsibility across all its businesses and geographies and to
making a sustainable difference in the development of the communities around its
operations. The company`s mining operations and extensive pipeline of growth
projects are located in southern Africa, South America, Australia, North America
and Asia. www.angloamerican.com
For further information, please contact:
Media Investors
UKJames Wyatt-Tilby UKCaroline Crampton (nee Metcalfe)
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 2192
ChileMarcelo Esquivel Leisha Wemyss
Tel: +56 2 230 6584 Tel: +44 (0)20 7968 8607
22 December 2011
Sponsor: UBS SA (Pty) Ltd
Date: 22/12/2011 16:12:01 Produced by the JSE SENS Department.
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