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Codelco v Anglo American
智利國家銅業公司對戰英美資源集團
Ore war
礦石之戰
A mineral battle in business-friendly Chile
商業環境友好的智利爆發礦產之爭
LEADERS of countries at war have long warned voters not to throw them out before the shooting stops.
戰爭期間的國家領導人早就提醒過選民，在槍擊停止前不要把他們甩在一邊。
Although Chile has been at peace since it restored democracy in 1990, its state copper company, Codelco, is embroiled in a fierce legal fight with Anglo American, a global mining conglomerate, over the ownership of rich metal deposits.
盡管智利在1990年恢復民主后一直處于和平狀態，其國家銅業公司Codelco還是為了與英美資源集團爭奪金屬富礦的所有權而被卷入到的激烈法律爭端中。
And it will now have to wage that battle without its boss, Diego Hernandez, who quit his job on May 24th.
現在Codelco不得不在沒有主帥的情況下進行這場斗爭—其執行總裁埃爾南德斯于5月24日辭職。
Chile's mining industry has boomed under a hybrid structure, in which Codelco, the world's biggest copper firm, competes with private rivals.
作為世界上最大的銅業公司，Codelco與私營企業不斷競爭—智利的采礦工業 在這種混合結構下繁榮起來。
The company hired Mr Hernandez, who had previously worked at BHP Billiton, another global miner, mainly to oversee expansion.
Codelco雇傭曾供職于必和必拓的Mr Hernandez，主要是為了讓他負責公司的擴張戰略。
Mr Hernandez soon found a tempting acquisition target in Anglo American's Sur project, consisting of two mines, a smelter, and two recently discovered deposits in the Andes, which are thought to hold a whopping 2.1 billion tonnes of ore.
Mr Hernandez很快就發現了一個誘人的收購目標——英美資源集團的蘇爾項目，該項目包括兩處礦山、一個冶金廠和兩處最近在安第斯山發現的兩處礦床。
In 1978 Codelco acquired an option to buy up to 49% of Sur during a one-month window every three years.
1978年Codelco就簽訂了收購蘇爾49%股權的期權的合同，每三年開放一次窗口。
In January the company exercised it. Its contract contains a formula for calculating the price, which is based in part on Sur's profitability in the five years before purchase.
今年一月Codelco宣布行使期權。這份合同包含一個公式，能夠根據蘇爾在收購前五年的盈利能力等因素計算出其價格。
Codelco says this equation values the project at $13.5 billion.
Codelco稱根據這個公式該項目價值135億美元。
It secured a $6.75 billion loan from Mitsui, a Japanese firm, to pay for its share.
Codelco已經從日本三井物產獲得67.5億美元的擔保貸款來購買這些股權。
However, the formula takes no account of the new finds at Sur or Anglo American's investment in it.
但是，這個公式沒有考慮到蘇爾公司新發現的礦產或者是Anglo American對蘇爾的投資。
To fend off Codelco, Anglo agreed with Mitsubishi, another Japanese trading house, to sell a 24.5% stake for $5.4 billion.
為了抵制Codelco的收購，Anglo同意向日本三菱公司以54億美元的價格出售蘇爾集團24.5%的股份。
Anglo said Codelco would have to settle for a smaller slice after the Mitsubishi deal closes.
Anglo表示，在與三菱公司的交易完成后，Codelco 只能收購在蘇爾集團的剩余的部分股份 。
Mr Hernandez accused Anglo American of breaching its contract.
Mr Hernandez起訴Anglo American違反合約，
The two sides went to court.
雙方對簿公堂。
Then on May 22nd they suspended proceedings and agreed to talk.
5月22日，雙方又推遲訴訟，打算和談，
They gave themselves 30 days to reach a deal.
原本計劃在30天內達成一致意見，
But two days later Mr Hernandez abruptly quit.
但2天后，Mr Hernandez突然辭職。
He said his departure had nothing to do with the Anglo spat,
Mr Hernandez表示他的離職與Anglo爭端無關，
but rather with the company's board, which he accused of micromanagement.
而是對公司董事會事無巨細的微觀管理方式不滿。
In 2010 Chile overhauled Codelco's administrative structure, transforming the board from a mere rubber stamp into a real check on management.
2010年智利政府對Codelco的行政結構進行了整改，董事會獲得了對公司管理層的監管權力，不再像以前那樣只是個橡皮圖章。
Industry observers say the new organisation has led to better decision-making.
業內觀察家認為新的組織架構可以更好地作出決策。
But Mr Hernandez apparently grew tired of having to explain himself at every turn in interminable meetings.
但是Mr Hernandez顯然已經厭倦了在沒完沒了的會議上一遍又一遍的解釋自己的做法。
His successor is Thomas Keller, the company's chief financial officer, formerly of Royal Dutch Shell.
Mr Hernandez的繼任者是公司首席財務官托馬斯.凱勒，曾在荷蘭皇家殼牌公司工作過。
Industry observers say Mr Keller is a more open boss than Mr Hernandez.
業內觀察家認為相比Mr Hernandez ，Mr Keller是一個思想更為開放的老板。
Although Mr Keller will probably pursue a similar corporate strategy, Anglo American may try to take advantage of the turmoil to adopt an even tougher stance in negotiations.
盡管Mr Keller很可能繼續推行與Mr Hernandez相似的公司戰略，Anglo American可能會利用這段混亂期，以在談判中采取更強硬的立場。
How the government-appointed board will advise the new boss remains to be seen.
政府委任的董事會將對這位新經理提出怎樣的建議，目前還不得而知。
Chile would love to get its hands on Sur, and will face domestic pressure not to buckle:
智利政府十分希望能夠擁有蘇爾項目，同時也將面對難以克服的國內壓力：
politicians and union leaders have accused Anglo American of trying to rob the country of its God-given copper, and public opinion frowns on foreign control of mines.
政客和工會領導人來控訴Anglo American試圖強占本屬該國的銅礦資源，公共輿論也對外國控制國內礦山表示不滿。
But Chile also wants to protect its relationship with Britain and its reputation as one of Latin America's safest places to invest.
但與此同時，智利政府也希望保持與英國的關系，并維護好自己作為拉丁美洲最安全的投資國的名聲。
Mr Keller may guide Codelco to a settlement, but he might soon find himself as frustrated as Mr Hernandez was with a process that is as much about politics as it is about business.
Mr Keller可能會引導Codelco合理解決現有問題，但今后他除了經營公司，還要應付許多政治活動—這可能很快會讓他變得和前任Mr Hernandez一樣沮喪。
