Historic Partnership Announced

Codelco and Anglo American have signed a groundbreaking Memorandum of Understanding to jointly develop the Andina – Los Bronces mining district, one of the largest copper reserves in the world.

Memorandum key points

A Joint Mining Plan from 2030 to 2051 will boost annual production by 120,000 tons of fine copper. Moreover established collaboration is set to generate an additional US$5 billion in pre-tax value, benefiting Chile’s economy, shareholders, workers, and communities. The alliance emphasizes environmental stewardship, safeguarding high Andean ecosystems, biodiversity, and responsible water management.

Strategic partnership

Copper is critical for the transition to a decarbonized economy. This partnership strengthens Chile’s position as a global leader in copper production, with combined reserves and resources representing more than 2% of the global total.

CEO highlights

Codelco CEO André Sougarret has stated: “Codelco has been a neighbour and partner of Anglo American for decades. Today we have a unique opportunity to rethink the development of this mining district, taking a strategic and beneficial step: moving forward in an alliance that will allow it to become one of the three most important copper mining districts in Chile and the fourth in the world. In this way, we will contribute with a critical mineral for the transition towards a decarbonised economy and we will create greater value of at least US$ 5 billion, which implies significantly increasing our contribution to the Treasury and maintaining Chile as a world leader in copper production.”

Anglo American CEO Duncan Wanblad has expressed:“ Copper is at the forefront of our growth ambitions, with a clear path to production of more than 1 million tonnes of copper per year by the early 2030s, an increase of 30%. Los Bronces and Andina present clear and significant benefits from their adjacency, and together have resources and reserves of approximately 60 million tonnes of copper [1] , representing more than 2% of global copper reserves and resources. By implementing a joint mine plan and optimising the use of our respective processing plants, we believe we can generate additional production of 2.7 million tonnes of copper over a 21-year period from 2030, as well as other operational synergies, by coordinating our activities between the operations. Anglo American and Codelco will be able to develop, in a coordinated manner, other separate projects, including the development of underground resources during the period of the joint mine plan.”

What’s next

Negotiations for binding agreements will conclude by late 2025, followed by permitting. Both companies retain ownership of their concessions, while sharing operations and production responsibilities equally.

This alliance not only accelerates mining innovation but also sets a new standard for sustainability and community engagement in the industry.