Anglo American and Codelco Sign MoU for Joint Copper Mine Plan in Chile

Anglo American has announced the signing of a memorandum of understanding (MoU) between its 50.1% owned subsidiary, Anglo American Sur SA (AAS), and Chilean state-owned mining company Codelco. The agreement outlines a framework for a joint mine plan for their adjacent copper mines, Los Bronces and Andina, aiming to increase copper production with minimal additional capital investment.

The joint mine plan is expected to generate an NPV uplift of at least $5 billion pre-tax over the agreement period, with the benefits shared equally between the two companies. A new operating company, jointly owned by AAS and Codelco, will oversee execution and optimize the processing capacity of both operations while maintaining independent ownership of their respective assets.

Anglo American CEO Duncan Wanblad highlighted that the collaboration will unlock an additional 2.7 million tonnes of copper production over 21 years from 2030, reinforcing the company’s pathway to achieving over 1 million tonnes of annual copper output by the early 2030s. Both companies retain the flexibility to pursue separate projects, including underground resource development, while aligning operations for maximum efficiency.