Chile’s state owned copper company Codelco and Anglo American Plc are seeking an out of court resolution to their dispute over the sale of Anglo’s Sur unit, La Tercera reported citing unidentified people with knowledge of the matter.

The Santiago based newspaper said that company executives have met in New York since suggesting on November 24 at the Mining Council’s annual dinner that they wanted to seek a settlement.

Codelco is seeking to overturn Anglo’s sale of 24.5% of its Sur unit to Mitsubishi Corp. The Santiago-based company says the transaction impedes it from exercising an option to buy as much as 49% of the Sur unit.

Anglo has said its contract with Codelco allows the sale of Sur shares to others before Codelco can exercise the option. Codelco is permitted to exercise the option in the month of January every three years until 2027.

(Sourced from Bloomberg)