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Codelco, engaged in a dispute with Anglo American Plc (AAL) over the world’s fifth-biggest copper mine, may pay $3.5 billion for a 30 percent stake, El Mercurio reported, citing people the newspaper didn’t identify.
Under terms of the agreement, Mitsui & Co. (8031) will lend Chile’s state copper miner as much as $5.8 billion and will take a 5 percent stake in Anglo Sur, the newspaper said.
Codelco originally planned to pay $10 billion for a 49 percent stake in Anglo Sur, which includes the Los Bronces operation, according to El Mercurio.
The companies are still in negotiations, the newspaper said.
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