Key Points
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Anglo American and Codelco will run their Chile copper mines together, unlocking at least $5 billion.
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The deal adds 120,000 tonnes of copper output a year with lower costs and minimal new spending.
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The partnership aims to support sustainable mining and meet growing demand for copper in clean energy.
Anglo American and Chile’s state-owned miner Codelco have agreed on a joint plan to run their neighboring copper mines together. The deal covers Anglo’s Los Bronces mine and Codelco’s Andina mine, both in central Chile.
By combining operations, the companies expect to unlock at least $5 billion in value and cut costs by around 15%. They will also avoid large new spending by sharing existing plants and infrastructure.
Boost to global copper output
The plan is expected to add about 120,000 tonnes of copper every year for more than two decades, once permits are secured in 2030. That would lift the joint mines into the world’s top five copper producers.
In total, the move could deliver 2.7 million tonnes of extra copper over 21 years, according to company estimates.
Anglo American CEO Duncan Wanblad called the deal “a new chapter” for the mining industry, saying it shows what can be achieved when big companies work together.
Focus on sustainability and energy transition
Codelco chairman Máximo Pacheco praised the agreement as the result of years of talks and teamwork. He said the partnership will help meet rising demand for copper, a key metal for renewable energy and electric vehicles.
Both companies said the joint venture will follow sustainability rules to protect local communities and the environment.
Each firm will still own its assets, such as mining rights and plants, but they will coordinate mine planning and share processing capacity.
