CHILEAN business has historically been a cosy, clubby world, where deals are sealed with a handshake in social settings. However, now that the price of copper, the countrys chief export, has reached record highs, Chile is getting a taste of proper corporate drama. The mining industry has boomed in recent decades under a hybrid structure, in which Codelco, the state copper company, competes with private firms. Codelco hired Diego Hernndez, a former BHP Billiton executive, as its CEO primarily to oversee an expansion strategy. The easiest way to grow is by acquisition, and no acquisition would be easier to complete than taking a stake in the Sur project owned by Anglo American, a British conglomerate. It consists of two mines, a smelter, and two recently discovered copper deposits in the mountains north-east of Santiago, the capital, which Anglo estimates contain 2.1 billion tonnes of ore. If confirmed, that would increase the companys reserves by half. The deposits lie in a valley adjacent to Andina, a Codelco mine that is already being expanded. In 1978 Codelco acquired an option to buy up to 49% of Sur during a one-month window in January every three years. Its next opportunity falls in 2012. Last month the company announced it would exercise the option. Its contract contains a formula for calculating the price, which is based in part on Surs profitability in the five years before purchase. Codelco says this equation values the project at $13.5 billion. It has secured a $6.75 billion loan from Japans Mitsui to pay for its share. However, the formula takes no account of the lucrative new finds at Sur. Anglo American is in no mood to offload shares at a fraction of their value. To fend off Codelco, the company reached a deal with Mitsubishi, a Japanese trading house, to sell a 24.5% stake for $5.4 billiona valuation of almost $22 billion, nearly double Codelcos figure. Anglo American said Codelco would have to settle for a smaller holding after its deal with Mitsubishi is finalised. Codelcos managers are livid, and accuse Anglo American of breaching their contract. When we talk about an infringement of good faith, were not talking about a pact of honour or a gentlemans agreement, Mr Hernndez said recently. Were talking about a legal obligation with which Anglo American has to comply. Theyre trying to stop us from exercising our legitimate right. In response, Anglo American said it had not violated its obligations and had simply found a better deal for its shareholders. The dispute could sour Chilean attitudes towards Britain. Copper is the lifeblood of the Chilean economy, and state-owned Codelco is the only company that excites any degree of nationalist sentiment in the country. Indignant politicians and union leaders have accused Anglo of trying to rob Chileans of their God-given copper. In London, where Anglos shares are traded, the British government has spoken to the Chilean ambassador. It will also serve as a test of the Chilean legal system. The country is widely seen as a stable, business-friendly environment where contracts are enforced. In this case, however, the contract seems open to interpretation, and both sides say there are clauses in it to support their arguments. Ultimately, the winners of this battle might be not the companies themselves, but their lawyers.
上一篇: 考研英语阅读澳大利亚最危险的十大职业
国内英语资讯:Hong Kong University, Japans Tohoku University sign agreement on AI, robotic technologies
流体饮食或能治愈糖尿病
体坛英语资讯:Kvitova books Miami Open quarterfinal spot
体坛英语资讯:Valencia, Villarreal through, Sevilla out after dramatic night in Europa League
如何正确清洁牙齿
国内英语资讯:Chinese vice president meets Pakistani Foreign Minister
The Imagination of Future Transportation 对未来交通的畅想
国际英语资讯:Thailands early voters turnout reaches 75 pct: Election Commission
国内英语资讯:Xi congratulates China Law Society congress
体坛英语资讯:AEK Athens into Basketball Champions League quarterfinals
国内英语资讯:Xi underscores firm implementation of major reforms
国家发改委:将推动景区更大范围,更大力度降价
体坛英语资讯:Beijing Guoan held by Urawa Reds in AFC Champions League
American People Barely Save Money 美国人几乎不存钱
国际英语资讯:Kazakh President Nazarbayev resigns
国际英语资讯:Trump nominates former Delta executive to lead federal aviation authority
体坛英语资讯:Dembele fitness doubts for Barca ahead of Lyon clash
国内英语资讯:Chinese top legislator calls for closer ties with Laos
肯德基保护秘密食谱的地方能防核弹
阿里巴巴6.9亿美元投资申通快递
体坛英语资讯:Guangdong, Beijing win to open CBA play-offs second phase
体坛英语资讯:Barca hammer Lyon 5-1 to reach UEFA Champions League quarterfinals
Reasonable Consumption 合理消费
Check Answers Online 网上查答案
What is College Like 大学是怎么样的
How to Relieve Pressure 如何减压
中国驻外使馆开通支付宝和微信支付
白宫:特朗普与新西兰枪手无任何牵连
国内英语资讯:China improves ideological, political education
全球最贵城市排行榜 巴黎香港新加坡并列第一