Anglo American’s writ states that Codelco breached the option agreement in relation to Anglo American Sur and the procedures set out in that agreement.

The breach consists of Codelco’s premature attempt to exercise the option and Codelco’s actions aimed at preventing Anglo American from exercising its contractual rights under the option agreement. The action seeks to render ineffective the potential future exercise of the option by Codelco and also seeks damages.

Anglo American owes a duty to its shareholders to take all reasonable steps to protect its rights and will continue to do so. However, following Anglo American’s announcement on November 9th 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 arrive at a commercial solution in respect of the option agreement that is in the long term interests of both companies’ shareholders.

Ms Cynthia Carroll CEO of Anglo American said that “We continue to be open to reaching a mutually agreeable commercial solution with Codelco for the benefit of all our shareholders and ultimately for Chile. While both Anglo American and Codelco have taken legal measures, this does not detract from our willingness to reach agreement with Codelco."