| Tue 3 Jan 2012, 10:55 | | AGL - Anglo American Plc - Anglo American reaffirms that it is not obliged to |
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AGL
ANAAL
AGL - Anglo American Plc - Anglo American reaffirms that it is not obliged to
sell any AA Sur shares to Codelco
Anglo American plc ("the Company")
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820
Anglo American reaffirms that it is not obliged to sell any AA Sur shares to
Codelco
Anglo American announces that it has received a letter from Codelco on 2 January
2012 which confirms its attempt to purchase up to the maximum amount of the
shares in Anglo American Sur ("AAS") that it can acquire under the option
agreement, which Codelco believes to be 49%. The letter states that to the
extent such amount is disputed, Codelco intends to purchase such lower number of
shares in respect of which there is no dispute.
As announced on 22 December 2011, Anglo American filed a legal complaint against
Codelco for breach of contract seeking the termination of the option agreement
and damages. This complaint was served on Codelco on 28 December 2011. In
accordance with Chilean law, as a result of Codelco`s breach of the contract, it
is no longer entitled to enforce the option on Anglo American and, therefore,
any attempt to exercise the option is ineffective.
The breach consists of Codelco`s illegitimate premature attempt to exercise the
option and Codelco`s actions aimed at preventing Anglo American from exercising
its contractual rights under the option agreement.
Anglo American`s legal action against Codelco is the result of its duty to its
shareholders to take all reasonable steps to protect its rights. Anglo American
will continue to do so, and will prosecute vigorously its legal complaint
against Codelco.
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 reach a commercial
solution in respect of the option agreement that is in the long term interests
of both companies` shareholders.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Leng Lau
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8540
Emily Blyth Caroline Crampton
Tel: +44 (0)20 7968 8481 Tel: +44 (0)20 7968 2192
South Africa Leisha Wemyss
Pranill Ramchander Tel: +44 (0)20 7968 8607
Tel: +27 (0)11 638 2592
Notes to editors:
Anglo American plc 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
3 January 2012
Sponsor: UBS South Africa (Pty) Ltd
Date: 03/01/2012 10:55:01 Produced by the JSE SENS Department.
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