Anglo American, through its majority-owned subsidiary Anglo American Sur (AAS), and Chilean state-owned miner Codelco have finalized a landmark deal to coordinate operations at their adjacent Los Bronces and Andina copper mines as stated in the press release.
The agreement, building on a February 2025 memorandum of understanding, has received unanimous board approval from both companies.
The joint mine plan is designed to increase copper output by 2.7 million tonnes over 21 years starting from 2030, pending environmental approvals. The output and benefits, including a projected pre-tax net present value (NPV) of over $5 billion, will be shared equally between the two partners.
By combining planning and infrastructure, the project is expected to lower unit costs by approximately 15% compared to standalone operations, all with minimal new capital expenditure. The initiative could elevate the combined operations into the world’s top five copper producers.
‘This agreement ushers in a new era for two world-class copper assets,’ said Duncan Wanblad, CEO of Anglo American. ‘Together, we’re unlocking the full potential of a premier copper resource for Chile and for the global energy transition.’
Codelco Chairman Máximo Pacheco highlighted the speed and collaboration that led to the deal. ‘In just eight months, we’ve finalised a plan that had been under discussion for years without major new investment and with stronger returns,’ he said.
A jointly owned operating company will oversee the plan’s execution, while each party retains ownership of its assets and remains free to pursue separate projects. Sustainability commitments and environmental obligations will remain intact under shared guiding principles.
