Chile Codelco Takes Legal Action Against Japan's Mitsubishi

SANTIAGO, Nov 30, 2011 (Dow Jones) -- Chilean state copper miner Codelco took legal action against Japan's Mitsubishi Corp. (MSBHY, 8058.TO) over the latter's recent purchase of a stake in global diversified mining company Anglo American PLC's (AAUKY, AAL.LN) Sur property.

Codelco is seeking "a series of unknown documents, in order to prepare a lawsuit against Mitsubishi's subsidiary" for its recent $5.39 billion purchase of a 24.5% stake in Anglo's Sur property, which the Chilean state miner argues it has the rights to buy.

Codelco maintained that, regardless of the sale to Mitsubishi, its option is for 49% of the Sur property, which includes the Los Bronces copper mine, one of the world's biggest; the Chagres copper smelter; the El Soldado mine and two recently discovered copper-rich deposits.

Anglo, for its part, argued that, following the stake sale to Mitsubishi, Codelco's option is for up to 24.5% of Sur.