Anglo American Plc (LON:AAL), through its 50.1%-owned subsidiary, Anglo American Sur S.A., and Codelco, has completed the definitive agreement to implement a joint mine plan for their respective Los Bronces and Andina copper mines in Chile, following receipt of the required competition and regulatory approvals along with the fulfilment of conditions precedent. Today’s announcement follows the landmark agreement signed and announced by Anglo American and Codelco in September 2025.
The joint mine plan is expected to unlock 2.7 million tonnes of additional copper over a 21-year period, delivering an average of 120,000 tonnes per year of additional low-cost copper production (to be shared equally) with minimal capital investment, creating at least $5 billion pre-tax in shared additional value. Implementation of the joint mine plan remains conditional on the relevant environmental permits being secured, together with other customary conditions to final implementation, currently expected by 2030.
Duncan Wanblad, CEO of Anglo American, said: “Our agreement with Codelco demonstrates what is possible when we work in partnership to unlock compelling industrial synergies -delivering significant value and more copper tonnes for both companies and for Chile. The next important milestone for Los Bronces – Andina is the timely receipt of the permits which will allow us to begin delivering the additional volume and value that we are targeting, for the benefit of all our stakeholders, and for Chile.
“By integrating the Los Bronces and Andina mine plans, we are unlocking one of the most significant copper adjacency opportunities in the world. Adjacencies such as these are rare and they highlight the role that responsible, partnership-led development can play – in this case supporting Chile’s ambition to lift national copper production to 6 million tonnes per year by 2030.”
Bernardo Fontaine, Chairman of Codelco, commented: “This agreement represents a more efficient and responsible way to develop one of the world’s leading copper districts. It allows us to make better use of existing infrastructure, capture greater benefits for Chile, and move forward with a long-term vision based on operational excellence, sustainability, and the responsible use of resources. It is a tangible example of how collaboration can generate greater value without compromising the thoroughness, discipline, and commitment that Codelco demands today. The Andina-Los Bronces Joint Mine Plan reflects the principles that guide Codelco today: safety; maximizing returns to the State, while ensuring operations remain profitable without increasing debt; putting the house in order with firm leadership and transparency; and strengthening sustainability.”
Both Anglo American and Codelco will maintain the flexibility to develop their own standalone projects, including the advancement of their respective underground resources, during the term of the joint mine plan in a coordinated and appropriate manner.
The companies have also established principles to guide the implementation of the joint mine plan, including sustainability principles which safeguard both social programmes and adherence to existing environmental commitments.
