Anglo American sells a £1.1bn stake

Anglo American has agreed to sell a stake in its coveted south central Chile properties to Chilean rival Codelco for $1.7bn (£1.1bn), a discount to the $2.8bn market price, ending a bruising 10-month battle between the mining titans.

The cash deal will cut Anglo's stake in its Anglo American Sur properties to 50.1 per cent. Anglo and fellow shareholder Mitsubishi will sell a combined 29.5 per cent stake to Codelco.