16 sep 25   anglo american plc - anglo american and codelco finalise agreement anglo american plc | aal | 2,455 0 0.0% | mkt cap: 28,921m    rns number : 4098z anglo american plc 16 september 2025   16 september 2025 anglo american and codelco finalise landmark agreement to unlock at least $5 billion of value from los bronces and andina copper mines  anglo american plc ("anglo american"), through its 50.1%-owned subsidiary, anglo american sur s.a. ("aas"), and codelco, announce that they have entered into a definitive agreement to implement a joint mine plan for their adjacent copper operations, los bronces and andina, in chile. today's agreement follows the memorandum of understanding signed and announced in february 2025 and has been unanimously approved by both boards of directors.   the joint mine plan has been developed to unlock an additional 2.7 million tonnes of copper production over a 21-year period once relevant permits are in place, currently expected in 2030.  the expected additional copper production of c.120,000 tonnes per year is to be shared equally, with c.15% lower unit costs relative to standalone operations and with minimal incremental capital expenditure. the transaction is expected to generate a pre-tax net present value uplift of at least $5 billion, to be shared equally between aas and codelco.   the combined production from los bronces and andina in 2024 would rank in the top 10 copper mines globally and once adjusted for the incremental c. 120.000 tonnes per year expected under the joint mine plan, it would rank within the top 5.  this step change is made possible by coordinating the mining of two adjacent resources with the existing plant capacity and infrastructure, positioning the alliance as a transformative development in the global copper industry and positioning the parties to set a new benchmark for innovation, efficiency, and sustainability in mining operations.   duncan wanblad, ceo of anglo american, said: "copper is a vital resource for the global energy transition and is at the forefront of our growth ambitions. we are delighted to finalise this landmark agreement with codelco, ushering in a new chapter for los bronces and andina, which are two exceptional copper assets. i am immensely proud of the collaboration between anglo american and codelco, which has brought this ambitious vision to life. together, we are demonstrating what is possible when two leading copper mining companies work together with a shared purpose and commitment to excellence. i express my sincere gratitude to our partners in anglo american sur - mitsubishi and mitsui - without whose support this would not have been possible. the outstanding work of our teams reinforces our confidence in the joint mine plan and the expected more than $5 billion of additional pre-tax value for anglo american sur and codelco. together we are unlocking the full value potential of these neighbouring assets and one of the world's premier copper resource endowments, for the benefit of all stakeholders and, of course, for chile."   máximo pacheco, chairman of codelco, commented: "we are reliable companies that honour our commitments. in just eight months, we finalised the joint mining plan we announced in february. i value that this process included the voices of workers, as well as the intense effort, remarkable capabilities, and outstanding professionalism of our teams, who succeeded in reaching an agreement that had been waiting for years. we can now maximise the potential of the andina-los bronces mining district without major investments and with significantly greater returns. this collaboration for sustainable mining will also help meet the urgent need for more critical minerals for the energy transition, in a world where copper production has so far remained stagnant."      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. copper production and the economic benefits generated under the plan-as well as associated costs and liabilities-will be shared equally between aas and codelco. each party will retain full ownership of its respective assets (including mining concessions, plants and ancillary infrastructure) and will continue to exploit their respective concessions separately.   both anglo american and codelco will maintain the flexibility to develop separate standalone projects, including the advancement of underground resources, during the term of the joint mine plan in a coordinated and appropriate manner.   the companies have also established principles to guide the implementation of the joint mine plan, including sustainability principles which safeguard both social programmes and adherence to existing environmental commitments.   the transaction is subject to a number of conditions, including customary competition and regulatory approvals and implementation of the joint mine plan is subject to securing the relevant environmental permits.        the shareholders of aas are the anglo american group (50.1%), the mitsubishi group (20.4%) and becrux, a codelco/mitsui joint venture company (29.5%).     for further information, please contact:   media  investors   uk james wyatt-tilby james.wyatt-tilby@angloamerican.com tel: +44 (0)20 7968 8759   marcelo esquivel marcelo.esquivel@angloamerican.com tel: +44 (0)20 7968 8891   rebecca meeson-frizelle rebecca.meeson-frizelle@angloamerican.com tel: + 44 (0)20 7968 1374   south africa nevashnee naicker nevashnee.naicker@angloamerican.com tel: +27 (0)11 638 3189   ernest mulibana ernest.mulibana@angloamerican.com tel: +27 (0)82 263 7372       uk tyler broda tyler.broda@angloamerican.com tel: +44 (0)20 7968 1470   emma waterworth emma.waterworth@angloamerican.com tel: +44 (0) 20 7968 8574   michelle west-russell michelle.west-russell@angloamerican.com  tel: +44 (0)20 7968 1494   asanda malimba asanda.malimba@angloamerican.com tel: +44 (0)20 7968 8480        notes: anglo american is a leading global mining company focused on the responsible production of copper, premium iron ore and crop nutrients - future-enabling products that are essential for decarbonising the global economy, improving living standards, and food security. our portfolio of world-class operations and outstanding resource endowments offers value-accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand growth trends.   our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how we discover new resources to how we mine, process, move and market our products to our customers - safely, efficiently and responsibly. our sustainable mining plan commits us to a series of stretching goals over different time horizons to ensure we contribute to a healthy environment, create thriving communities and build trust as a corporate leader. we work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for our shareholders, for the benefit of the communities and countries in which we operate, and for society as a whole. anglo american is re-imagining mining to improve people's lives.   anglo american is currently implementing a number of major structural changes to unlock the inherent value in its portfolio and thereby accelerate delivery of its strategic priorities of operational excellence, portfolio simplification, and growth. this portfolio transformation is focusing anglo american on its world-class resource asset base in copper, premium iron ore and crop nutrients - once the sale of our steelmaking coal and nickel businesses and the separation of our iconic diamond business (de beers) have been completed.   www.angloamerican.com                            group terminology in this document, references to "anglo american", the "anglo american group", the "group", "we", "us", and "our" are to refer to either anglo american plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. the use of those generic terms herein is for convenience only, and is in no way indicative of how the anglo american group or any entity within it is structured, managed or controlled. anglo american subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of group policies, management, training and any applicable local grievance mechanisms. anglo american produces group-wide policies and procedures to ensure best uniform practices and standardisation across the anglo american group but is not responsible for the day to day implementation of such policies. such policies and procedures constitute prescribed minimum standards only. group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.   disclaimer this document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in anglo american or any other securities by anglo american or any other party. further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.   forward-looking statements and third party information this document includes forward-looking statements. all statements other than statements of historical facts included in this document, including, without limitation, those regarding anglo american's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to anglo american's products, production forecasts and ore reserve and mineral resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. by their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of anglo american or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.   such forward-looking statements are based on numerous assumptions regarding anglo american's present and future business strategies and the environment in which anglo american will operate in the future. important factors that could cause anglo american's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from anglo american, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of anglo american's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where anglo american operates, conflicts over land and resource ownership rights and such other risk factors identified in anglo american's most recent annual report. forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. these forward-looking statements speak only as of the date of this document. anglo american expressly disclaims any obligation or undertaking (except as required by applicable law, the city code on takeovers and mergers, the uk listing rules, the disclosure guidance and transparency rules of the financial conduct authority, the listings requirements of the securities exchange of the jse limited in south africa, the six swiss exchange, the botswana stock exchange and the namibian stock exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in anglo american's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.   nothing in this document should be interpreted to mean that future earnings per share of 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