MercoPress. South Atlantic News Agency
Major clash in Chile between state copper company and Anglo-American
Anglo American is jeopardizing its future in Chile by trying to prevent state-owned copper giant Corporacion Nacional del Cobre, Codelco from acquiring a 49% stake in its AAS subsidiary, warned Codelco’s CEO. Read full article
Comments
Disclaimer & comment rulesindeed a risky operation. Should the contract state, that this operation was not legal, Anglo American would have to still sell 49% and become a minority owner of it's own mine... For sure it can be said, that the operation was not done in “good faith”, as it was a counter operation, once the option was announced to be used.
Nov 21st, 2011 - 08:30 am - Link - Report abuse 0Countries beg foreign companies to come invest in their country. Then turn around and nationalize what the foreign company has built. Then after 10-15 years of mismanagement, again beg foreign companies to come invest in their country. I don't know the language in the contract, but it seems the Chilean government is trying to steal what Anglo American was asked to build.
Nov 21st, 2011 - 09:54 am - Link - Report abuse 0It wouldn't be strange for one mnc to involve another mnc to operate a move to avoid a loss of opportunity when a deal is to be called up.it's at least a stunt of devious nature if it's not illegal.but someone will say it's ok for agreement to be broken because its not chile that's breaking one
Nov 21st, 2011 - 11:36 am - Link - Report abuse 0Even the contract has not been publicized so, except the involved parties, nobady knows it enterely, thought we have had experience enough with state owned companies, specially CODELCO, about corruption cases and mismanagement....
Nov 21st, 2011 - 01:03 pm - Link - Report abuse 0State must lead its efforts to make sure that the conditons for investiment and development are the best and equal for any foreing or Chilean investor and monitor hardly how they are meeting the laws in any aspect, labor, tax, enviroment, etc., but not owning the companies....
We have had enough examples on how the state owned companies are used as bribe makers, officers overpay, political campaings payments, fake advise contracts, politicla services payments, etc., etc.. All kind of corrupts facts that we knew during the last 20 years Gvt. and possibly can be repeated during this one because the temptation to use the other´s money is to high....and, as the companies belong to all it means they belong to nobody, so the mismanagement is the rule......
Coldelco is one of the most competitive mining company in the world, BTW this is not a nationalization because the contract signed by Anglo estipulate that every 3 years codelco has a long-standing option (49%), in October of the present year Codelco inform that he will buy the 49% but Anglo Sur a few weeks later sold a 24,5%. in Chile´s Civil code exists a term “Good faith” that mean that you must honor your contract in good faith for example I want to buy a house so I have to sign a contract (compra-venta) but what happen if a few day later the owner sell the house, the contract never said exclusivity but in legal term the owner violated the “good faith” of the contract, that is why Chilean company is preparing a lawsuit. Anglo made a dirty move and it probably Cause troubles to the company because 25% of their global revenues came from Chile
Nov 21st, 2011 - 02:02 pm - Link - Report abuse 0Countries beg foreign companies to come invest in their country. Then turn around and nationalize what the foreign company has built. Then after 10-15 years of mismanagement, again beg foreign companies to come invest in their country. I don't know the language in the contract, but it seems the Chilean government is trying to steal what Anglo American was asked to build
Nov 21st, 2011 - 04:25 pm - Link - Report abuse 0___
Very ignorant comment... this is not about to “nationalize” a foreign company, but the company to comply with a written and agreed contract. Full stop.
Nobody had forced Anglo American to sign this contract, when they took over. The rules in Chile are VERY clear in this regards, in we do not accept the rude generalization.
(5) Gianni
Nov 21st, 2011 - 08:25 pm - Link - Report abuse 0I'm impressed....... Your first intelligent comment............. ever.
(6) ManRod
Jupppppppp
Very ignorant comment from Mr. “sj_ken”.........
Another Anglo Turnip that “Thinks” they are better than the rest.....
Think ......... I prefer a neo Nazi support my comment rather than you
Nov 21st, 2011 - 10:04 pm - Link - Report abuse 02nd vote in agreement with ManRod
Nov 21st, 2011 - 10:07 pm - Link - Report abuse 0Commenting for this story is now closed.
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