Anglo American and state-owned Codelco have entered into an agreement to jointly develop neighboring copper mining projects in Chile. Under the MoU, the two companies plan to establish a new entity to coordinate operations at Los Bronces and Andina.
The combined copper reserves at both sites total 60 million tons, representing 2% of global copper deposits. The joint venture aims to increase copper production by 2.7 million tons, or 120,000 tons per year, from 2030 to 2051, while generating an estimated net value of $5 billion, which will be shared equally. While costs and responsibilities will be divided, each company will retain full ownership of its respective assets.
Due diligence is expected to be completed by late 2025, with final agreements to follow.
Codelco Chairman Maximo Pacheco emphasized that this alliance would significantly boost production without requiring major additional investments. Anglo American CEO Duncan Wanblad reaffirmed the company's focus on copper, aiming to exceed 1 million tons annually with a 30% production increase by the early 2030s.
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