Anglo American and Codelco unite to boost Chile's copper production by 2.7M tonnes

Anglo American and Codelco have finalised a partnership to develop their neighbouring copper mines in Chile. The deal targets increased production without building new sites, focusing instead on coordinated efforts between existing operations. Both companies will retain ownership of their respective mines while working together on planning. The joint mine plan involves the Los Bronces and Andina copper mines. It aims to produce an additional 2.7 million tonnes of copper over 21 years, averaging around 120,000 tonnes annually. The project is expected to generate at least $5 billion in extra pre-tax value for both firms.

Implementation depends on environmental approvals and other customary conditions. If all goes as planned, operations could begin around 2030. Meanwhile, Anglo American and Codelco will continue pursuing their own separate projects alongside this collaboration.

The agreement comes as Chile’s copper output faces challenges. In April 2026, production dropped 13.8% year over year to 399,954 metric tonnes, following a similar decline in March. Cochilco has also revised its 2025 production growth forecast downward, from 3% to 1.5%, citing weaker performance at major mines. Global copper demand is projected to rise by 24% by 2035, reaching 42.7 million tonnes annually. The new partnership aims to address supply constraints by maximising output from existing mines. The initiative could help both companies capitalise on growing market needs while maintaining operational control.