keywords :
Anglo American (AAL.L) and Chile’s state-owned copper company Codelco (COBRE.UL) announced that they have finalized an agreement to jointly operate copper mines in Chile, which have at least US$5 billion in value. A newly created operating company, jointly owned by both firms, will manage implementation of the plan, though each company will retain ownership of its respective assets. The deal also incorporates sustainability principles and flexibility to align with their environmental commitments.
The partnership covers Anglo American’s Los Bronces mine and Codelco’s Andina mine, both located in central Chile near Santiago. Together, they aim to develop 2.7 million tons of copper production over 21 years, subject to obtaining permits, which are expected by 2030. The expansion, situated in the Andes, has faced opposition from environmental groups due to concerns about its impact on glaciers and water resources in Chile.