Anglo American (LON: AAL) and Chile’s state-owned Codelco have signed an agreement to jointly develop their neighbouring Los Bronces and Andina operations, a move that will see the partners produce 2.7 million tonnes of additional copper over 21 years from 2030.
The joint mine plan is projected to generate a net present value pre-tax boost of at least $5 billion, which will be shared equally between the two companies. Despite the collaboration, both Anglo American and Codelco will retain full ownership rights over their respective assets, including mining concessions, plants, and ancillary operations, and will continue to extract resources separately.
Andina, one of Codelco’s smaller divisions, encompasses the Rio Blanco and Sur Sur mines, producing 164,500 tonnes of copper in 2023. Los Bronces, a key operation for Anglo American, reported an output of 215,000 tonnes that same year. Codelco already owns a 20% stake in Anglo American Sur, the local unit operating the Los Bronces and El Soldado mines, as well as the Chagres smelter.
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