Anglo American and Codelco finalise copper mining agreement in Chile
Anglo American PLC and Codelco on Wednesday completed a mining deal in Chile after receiving competition and regulatory approvals.
The London-based miner said the deal with state-owned Codelco will be through its 50.1%-owned subsidiary, Anglo American Sur SA, and see both groups implement a joint mine plan for their respective Los Bronces and Andina copper mines in Chile.
The agreement was announced last September after the two parties had signed a memorandum of understanding in February last year.
The joint mine plan is expected to unlock 2.7 million tonnes of additional copper over a 21-year period, delivering an average of 120,000 tonnes per year of additional low-cost copper production (to be shared equally) with minimal capital investment, creating at least $5 billion pre-tax in shared additional value.
Implementation of the joint mine plan remains conditional on the relevant environmental permits being secured, together with other customary conditions to final implementation, currently expected by 2030.
Anglo American Chief Executive Duncan Wanblad said: ‘By integrating the Los Bronces and Andina mine plans, we are unlocking one of the most significant copper adjacency opportunities in the world. Adjacencies such as these are rare and they highlight the role that responsible, partnership-led development can play.’
In London, Anglo American traded 0.4% higher at 3,726.50 pence each. They were up 0.7% at R 817.68 each in Johannesburg.
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