Anglo American and Codelco Partner to Develop Chilean Copper Mines

Anglo American and Chilean state-owned Codelco have signed a memorandum of understanding (MoU) to jointly develop adjacent copper mining projects in Chile. The partnership will establish a new entity to coordinate operations at the Los Bronces and Andina mines.

The combined copper reserves from both sites account for 2% of global copper deposits, totaling 60 million tons. Between 2030 and 2051, the collaboration aims to increase copper production by 2.7 million tons, or 120,000 tons annually, generating an estimated US$5 billion in net value to be shared equally. While costs and responsibilities will be split, each company will maintain full ownership of its respective assets.

Due diligence for the partnership is set to be completed by late 2025, with final agreements expected afterward.

Codelco Chairman Maximo Pacheco highlighted that the alliance will significantly boost copper production without requiring major additional investments. Anglo American CEO Duncan Wanblad reiterated the company’s commitment to copper, targeting a 30% production increase to over 1 million tons annually by the early 2030s.