Anglo Buys Exxon's Chilean Copper Mines
Anglo American, the world's largest precious-metals mining
company, is spending $1.3 billion in cash to buy two Chilean
copper mines from Exxon Mobil Corp. The deal will help Anglo
save up to $100 million by merging operations of its
Compañía Minera Disputada de Las Condes Limitada
group with its two existing copper producers in Chile -
Collahuasi and Mantos Blancos. Anglo American, which is a
controlling shareholder of the gem diamond producer De Beers,
bought the Chilean operation as a way of expanding its base
metal assets. With limited growth available in the mining of
gold, platinum and diamonds, Anglo is working to strengthen its
portfolio of the base metal aluminum, nickel and copper. The
consolidation in Chile will make Anglo the world's
sixth-largest copper supplier. Disputada last year produced
252,000 metric tons of copper and is expanding production to
295,000 tons a...
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