Offer to Buy Minorities in Mantos Blancos

Anglo American PLC 30 March 2000 Anglo American offers to buy minorities in Mantos Blancos Anglo American plc ('Anglo American') today announces that it has made a Tender Offer ('the offer') to acquire the outstanding 22.65% of the shares it does not already control in Empresa Minera de Mantos Blancos S.A. ('Mantos Blancos'), a Chilean copper company listed on the Santiago Stock Market, at a price of Ch$ 1.300 per share. The offer represents a premium of 88 % over last year's average price of Ch$ 693 per share and a 44 % premium over yesterday's closing price of Ch$ 900. The offer is conditional on achieving a minimum level of acceptances during the offer period of 10.65% of the issued share capital (approximately 16.8 million shares) which, together with the shares currently controlled will take Anglo American's holding to over 88%. The offer period runs from 3 April 2000 to 24 April 2000. Anglo American is being advised by Dresdner Kleinwort Benson South Andes, and IM Trust are acting as the stockbrokers in Santiago. Provided the necessary level of acceptances are received, it is intended to proceed with all the legal formalities to de-list Mantos Blancos from the Santiago Stock Exchange. James Campbell, chairman of Anglo Base Metals and an Anglo American executive director said: 'Anglo American's Board believes that the listing is no longer beneficial to Mantos Blancos' shareholders, and is therefore making this offer to buy out all the minorities. The offer has been structured in the spirit of the soon to be enacted new Public Offer law in Chile, and in compliance with international best practice allowing for transparency and fair treatment for all shareholders. This is also consistent with Anglo American's stated intention of simplifying its structure and represents a further investment of close to U$92 million in copper and emphasises the Group's commitment to the industry and to Chile.' Mantos Blancos has two open cast mines in northern Chile, producing approximately 150,000 tonnes of copper per annum and has a controlling stake in Quellaveco, a large undeveloped copper project in Peru. Anglo American is a leading mining and natural resources company with a primary listing in London and secondary listings in Johannesburg and Switzerland. Contacts: London: Mike Gordon Executive Vice President Anglo Base Metals Phone: 44-207 698 8556 Johannesburg: Anne Dunn Senior Vice President, Investor Relations Phone: 27 - 11638 4730 Santiago: Extend Comunicaciones Contact name: Andre Menanteau Phone: 562 - 206 6028
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