Codelco, Anglo to resume talks to end dispute

Chile's copper giant Codelco and British Anglo American will resume talks to end dispute

Associated Press

SANTIAGO, Chile (AP) -- The world's top copper producer and miner Anglo American PLC have agreed to resume talks to end a months-long dispute in Chile.

Chile's state-owned Codelco and Anglo American were set to appear before court in Santiago Tuesday, but instead requested a one month suspension of the legal battle. Codelco says the talks will be confidential and will last about a month.

Codelco is the majority owner of Anglo American Sur SA, the British company's joint venture in Chile. Codelco said in October it would exercise its right to buy the British company's 49 percent stake. But Anglo surprised company and investors when it presold a 24.5 percent stake instead to Japan's Mitsubishi Corp.

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