Anglo American sells stake in Chile mining operations

TOKYO, Nov 10 (BBC): Mining giant Anglo American says it has sold a 24.5per cent stake in its operations in southern Chile to Japan's Mitsubishi for $5.39bn (£3.38bn). But the deal could hit trouble after Chile's state copper miner Codelco said it would exercise an option to buy 49per cent of the business, Anglo American Sur. Anglo's sale of the stake to Mitsubishi means Codelco might not be able to buy more than 24.5per cent of the operation. Anglo American said it had made a "thorough assessment" of the sale. Anglo's properties in southern Chile include the flagship Los Bronces project, El Soldado mine, the Chagres smelter and Los Sulfatos and San Enrique Monolito exploration projects. Anglo has invested about $2.8bn to develop Los Bronces. The company said: "Anglo American has regularly reviewed its available alternatives and, following a thorough assessment, and in the interests of its shareholders.