Anglo American, Codelco finalize copper mine agreement, target $5bn value uplift

Anglo American plc and Codelco have finalized a definitive agreement to implement a joint mine plan for their adjacent Los Bronces and Andina copper operations in Chile. This collaboration is expected to unlock an additional 2.7 million tonnes of copper production over 21 years once permits are in place, anticipated in 2030.

The joint plan projects an additional 120,000 tonnes of copper production per year, to be shared equally, with unit costs approximately 15% lower than standalone operations. This transaction is forecasted to generate a pre-tax net present value uplift of at least $5 billion, to be shared equally between Anglo American Sur S.A. and Codelco.

The combined production would position Los Bronces and Andina within the top five global copper mines, highlighting the transformative potential of this alliance for the copper industry. The agreement ensures both companies retain flexibility for separate standalone projects and adhere to strong sustainability principles.