Business & Banking

Jun 1, 2002

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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