Codelco and Anglo American sign definitive agreement for joint mining plan at Andina and Los Bronces

Codelco and Anglo American have signed a landmark agreement to implement the Joint Mining Plan at Andina and Los Bronces, adding 2.7 million tons of copper in 21 years and generating over US$5 billion in value.

Codelco and Anglo American have officially signed the definitive agreement to implement the Joint Mining Plan in the Andina–Los Bronces district, marking a historic milestone for the copper mining industry in Chile.

The agreement, based on the Memorandum of Understanding announced in February 2025, was unanimously approved by both companies’ boards of directors. It aims to maximize the potential of two world-class copper assets, creating long-term economic, social, and environmental benefits.

Additional production and economic impact

The Joint Mining Plan will unlock an additional 2.7 million tons of copper over a 21-year period, equivalent to approximately 120,000 extra tons per year. This output will be achieved with unit costs about 15% lower than if the mines operated independently, and with minimal additional capital expenditure.

In terms of value creation, the plan is expected to deliver an increase in pre-tax net present value of at least US$5 billion, to be shared equally between Codelco and Anglo American.

Global positioning

In 2024, the combined production of Andina and Los Bronces ranked among the world’s top 10 copper mines. With the additional 120,000 tons projected annually, the district would move into the top five globally, strengthening Chile’s position as a leading supplier of critical minerals for the global energy transition.

Anglo American Group Chief Executive, Duncan Wanblad, emphasized the strategic significance of the deal:

“This milestone marks the beginning of a new chapter for Los Bronces and Andina. We are unlocking the full value potential of these neighboring assets for the benefit of Chile and all stakeholders.”

Meanwhile, Codelco’s Chairman, Máximo Pacheco, highlighted the role of workers and sustainability:

“This agreement maximizes the potential of the Andina–Los Bronces district without major investments, delivering far greater returns while advancing sustainable mining that supplies critical minerals for the global energy transition.”

New operating company and sustainability principles

The agreement establishes a new jointly owned and jointly managed operating company that will coordinate production and optimize processing capacity across both mines.

Codelco and Anglo American also agreed on guiding sustainability principles, ensuring compliance with environmental and social commitments, reinforcing their shared vision of responsible, long-term mining.

Next steps

The Joint Mining Plan remains subject to regulatory and environmental approvals, which are expected by 2030. In the meantime, both companies will prepare integration workflows, align operational models, appoint key executives for the new operating company, and design the required environmental permits.