News & Market Analysis: Anglo American, Codelco Target 2.7 Million Tonnes of Additional Copper in Chile

Anglo American and Chilean state miner Codelco said on June 24 they had finalised a joint mine plan for the neighbouring Los Bronces and Andina copper operations in Chile, aiming to unlock 2.7 million tonnes of additional copper production over 21 years.

The agreement follows a deal first announced in September 2025 and was completed after the companies secured the required competition and regulatory approvals. The extra output is expected to average 120,000 tonnes a year of low-cost copper production, shared equally between the companies, and generate at least $5 billion in shared pre-tax value with minimal capital investment.

Anglo American CEO Duncan Wanblad called the arrangement “one of the most significant copper adjacency opportunities in the world,” adding that it supports Chile’s ambition to lift national copper output to 6 million tonnes annually by 2030. Codelco chairman Bernardo Fontaine said it represents “a more efficient and responsible way to develop one of the world’s leading copper districts” by making better use of existing infrastructure.

Full implementation still requires environmental permits and other customary conditions, currently expected by 2030. Both companies will retain the flexibility to advance their own standalone underground projects during the term of the joint mine plan, while agreed implementation principles are designed to protect social programmes and existing environmental commitments.