Anglo American and Codelco Finalize Chile Copper Deal to Add 2.7 Million Tonnes for Electrification

Anglo American and Chile's state-owned Codelco have closed a deal to coordinate mining at their neighboring Los Bronces and Andina copper mines. The joint plan aims to extract an extra 2.7 million tonnes of copper over 21 years without opening a new mine. That works out to roughly 120,000 tonnes per year split evenly between the two companies, with at least $5 billion in additional pre-tax value expected. The deal does not merge the companies. Each keeps ownership and control of its own mine. They will share mine planning and infrastructure to boost efficiency. Implementation is targeted around 2030, pending environmental approvals. The extra copper supply matters for the energy transition because copper is essential for wiring, EV motors, solar panels, wind turbines, and grid upgrades. More supply from existing assets could help stabilize prices and reduce project delays in clean energy manufacturing.