Anglo American and Chilean state-owned Codelco have signed an agreement to jointly develop adjacent copper mining projects in Chile. Under the memorandum of understanding (MoU), the two companies planned to form a new entity to coordinate operations at Los Bronces and Andina.

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

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

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