Anglo American: criminal investigation in Chile is totally unfounded
26 January, 2012
Anglo American notes the criminal accusation made by the President of the Federation of Copper Workers in Chile, a Codelco Board member, in relation to Anglo American’s sale of a 24.5% shareholding in Anglo American Sur (“AASur”) to Mitsubishi Corporation in November 2011. Anglo American’s disagreement with Codelco in relation to AASur is a contractual dispute between two large corporations and should be resolved as such.
Anglo American has published the transaction agreements between Anglo American and Mitsubishi Corporation. It is clear from those agreements that this was an entirely normal and wholly completed transaction between two multinational companies. Any allegation to the contrary, or to suggest that Anglo American or any of its employees have acted improperly, is totally unfounded.
Cynthia Carroll, Chief Executive of Anglo American, said: “It is completely inappropriate for criminal proceedings to be considered against any individuals in this contractual dispute between two companies, particularly when initiated by a Codelco Board member. Anglo American is a global mining company with an outstanding track record in Chile and has at all times acted in good faith and in full compliance with the option agreement. We are wholly confident in our legal position and would expect the Chilean courts to see this campaign as intimidation and to uphold our conduct as fully in accordance with the law. We have stated very clearly and consistently that we are open to working with Codelco to agree a commercial solution and we urge Codelco and its Board to act constructively to that end.”