**Summary**
Anglo American and Codelco have finalized a landmark agreement to jointly develop their adjacent copper mines, Los Bronces and Andina, in Chile. The partnership aims to unlock at least **$5 billion** in value by coordinating mining operations, which is expected to produce an additional **2.7 million tonnes of copper** over 21 years, starting in 2030. This will add approximately **120,000 tonnes of copper per year**, shared equally between the companies, with **15% lower unit costs** and minimal additional capital expenditure. The combined production will position the mines among the **top 5 globally**, up from the top 10 in 2024.
A new jointly owned operating company will oversee the joint mine plan, optimizing processing capacity while allowing both companies to retain ownership of their respective assets. The agreement includes sustainability principles and maintains flexibility for standalone projects. The transaction is subject to regulatory approvals and environmental permits.
Executives from both companies highlighted the collaboration as a transformative step for the copper industry, supporting the global energy transition and setting new benchmarks for innovation, efficiency, and sustainability in mining. The agreement follows a memorandum of understanding signed in February 2025 and has been unanimously approved by both boards.