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This month in mining: Anglo buys Disputada
- Article from:
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Engineering and Mining Journal
- Article date:
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June 1, 2002
- Author:
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Copyright informationCopyright PRIMEDIA Business Magazines & Media Inc. Jun 2002. Provided by ProQuest LLC. (Hide copyright information)
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Anglo American plc (London) agreed in early May to purchase Cia. Minera Disputada de Las Condes Ltd. (Chile) from ExxonMobil Corp. for $1.3 billion in cash, plus contingent future payments in the event of higher copper prices. Exxon announced its intention to sell Disputada and exit the mining business in August 2001 and has been considering offers since.
"The acquisition of Disputada, a proven long-life, low-cost, copper business, constitutes a major strategic strengthening of our base-metals portfolio," Anglo CEO, Tony Trahar said. Disputada's major assets are the Los Bronces open pit, the El Soldado open pit and underground copper mines, and the Chagres copper smelter in central Chile. ...
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