Finance
Anglo American, Codelco finalise $5 billion Chilean copper mines deal
Published by Global Banking and Finance Review
Posted on September 16, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on September 16, 2025
2 min readLast updated: January 21, 2026
Anglo American and Codelco finalize a $5 billion deal to jointly operate Chilean copper mines, aiming to boost production and sustainability.
(Reuters) - Anglo American and Chilean state-run copper giant Codelco said on Tuesday finalised an agreement to jointly operate their neighbouring Chilean copper mines, aiming to unlock at least $5 billion in value from their key assets.
The mining plan relates to Codelco's Andina mine and Anglo American's Los Bronces mine in central Chile outside the capital of Santiago, building on a memorandum of understanding signed by the two groups in February.
"We can now maximise the potential of the Andina-Los Bronces mining district without major investments and with significantly greater returns," said Codelco Chairman Máximo Pacheco.
Codelco and Anglo plan to unlock an additional 2.7 million tonnes of copper production over a 21-year period, pending the receipt of necessary permits, which are anticipated by 2030.
A new jointly owned operating company will oversee execution of the plan, the companies said, while both Codelco and Anglo will keep ownership of their respective assets.
The agreement also includes sustainability principles and flexibility to adhere to the companies' environmental commitments.
Located in the Andes, the expansion has been fought by environmental groups due to its potential impact on glaciers and water availability in Chile.
Anglo American earlier this month had announced a merger with Canadian miner Teck Resources, set to be the biggest mining deal in over ten years.
(Reporting by Ankita Bora in Bengaluru; Editing by Sumana Nandy)
A joint operation is a business arrangement where two or more parties collaborate to achieve a common goal while sharing resources, risks, and profits.
Copper mining involves extracting copper ore from the earth, which is then processed to obtain copper, a valuable metal used in various applications.
Sustainability principles refer to guidelines that promote responsible resource use, environmental protection, and social equity in business practices.
A partnership is a legal arrangement where two or more individuals or entities collaborate to conduct business, sharing profits, losses, and responsibilities.
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