LatinNews Daily - 16 September 2025

*Chile’s state-owned mining company Codelco has finalised an agreement with British multinational mining company Anglo American, through its 50.1%-owned subsidiary Anglo American Sur S.A. (AAS), to jointly operate their neighbouring Los Bronces and Andina mines, some 65km northeast of Chile’s capital Santiago. The agreement was first outlined in a memorandum of understanding (MoU) announced in February. According to Codelco, the joint venture will free up additional production of 2.7m tonnes (t) of copper over a 21-year period, once the necessary permits are acquired, which is currently expected to be in 2030. Codelco stated that additional copper production of approximately 120,000 t per year is expected, with unit costs approximately 15% lower compared to independent operations and minimal additional capital expenditure. The agreement is expected to generate an increase in pre-tax net present value of at least US$5bn, which will be shared equally between the two companies. Each company will also retain full ownership of its respective assets, including mining concessions, plants, and ancillary infrastructure. In a statement, Anglo American said that the combined production from Los Bronces and Andina in 2024 would rank in the top ten copper mines globally and once adjusted for the additional 120,000 t per year expected under the joint mine plan, it would rank within the top five. A new operating company, jointly owned and jointly controlled by AAS and Codelco, will coordinate execution of the joint mine plan and optimise processing capacity across Los Bronces and Andina.

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