Anglo American Resources Group has signed an agreement with Chile's state-owned Codelco to unlock $5 billion in revenue from Chilean copper mines.

Anglo American Resources Group, through its subsidiary Anglo American Sur (AAS), which holds a 50.1% stake, has signed a definitive agreement with Chile's state-owned copper company, Codelco, to jointly implement a mining plan at the nearby Los Bronces and Andina copper mines in Chile. The deal builds on the Memorandum of Understanding (MoU) signed in February 2025 and has already received approval from the boards of directors of both companies. The transaction is expected to boost the pre-tax net present value by at least US$5 billion (equivalent to 4.74 trillion pesos), with the value to be evenly shared between AAS and Codelco.

According to the joint plan, once the necessary approvals are obtained—currently expected by 2030—copper production is projected to increase by 2.7 million tons over the next 21 years. The agreement aims to boost annual copper output by 120,000 tons, achieving this at a unit cost 15% lower than if operated independently, while minimizing additional capital expenditures. This partnership leverages the efficiency of coordinating adjacent resources and fully utilizing the capacity and existing infrastructure of current facilities.

Duncan Wanblad, CEO of Anglo American Resources Group, stated: "Copper is a critical resource for the global energy transition—and it lies at the heart of our growth ambitions. We are thrilled to have reached this landmark agreement with Codelco, which will usher in a new chapter for our two premier copper assets, Los Bronces and Andina. I am immensely proud of the partnership between Anglo American Resources Group and Codelco, as it’s this collaboration that’s turning our ambitious vision into reality." "Together, we’ve demonstrated the limitless potential that emerges when two leading copper companies join forces—companies united by shared goals and a relentless drive for excellence. I sincerely thank our partners at Mitsubishi and Mitsui within Anglo American Resources Group’s South American operations; without their unwavering support, none of this would have been possible." Meanwhile, Maximo Pacheco, Chairman of Codelco, commented: "Thanks to this partnership, we can now unlock the full potential of the Andina-Los Bronces mining complex without requiring significant additional investment—while simultaneously delivering substantially higher returns. In a global context where copper production has remained stagnant so far, this sustainable mining collaboration also positions us to meet the surging demand for critical minerals essential to the energy transition."

A newly established operating company, jointly owned and managed by AAS and Codelco, will be responsible for implementing the mining plan and coordinating processing capacities at the two sites. However, each party will retain full ownership of its respective assets, including mining concessions, plants, and supporting infrastructure, and will continue to develop them independently. During the joint mining initiative, both companies will also maintain the freedom to pursue standalone projects—such as those involving underground resources. Additionally, the two firms have outlined guiding principles for executing the collaborative mining plan, including a commitment to social programs and existing environmental obligations. The transaction remains subject to several conditions, including customary competition reviews and regulatory approvals. AAS’s other shareholders include Mitsubishi Group (holding 20.4%) and Becrux, the Codelco/Mitsui joint venture (holding 29.5%).