Anglo agrees joint plan with Codelco for copper mines

ANGLO American today announced plans for a joint mine plan with Codelco in Chile that will see the partners produce 2.7 million tons of additional copper over 21 years from 2030.A memorandum of understanding has been signed between Anglo’s 50.1% owned subsidiary Anglo American Sur and Codelco in which they will optimise the mining and processing capacity of their neighbouring Los Bronces and Andina mines respectively. The costs and liabilities of the joint mine plan will be shared between the parties.Anglo CEO Duncan Wanblad said the agreement with Codelco aimed at building on Anglo’s existing plans to increase copper production 30% to one million tons a year by 2030. “Copper is a the forefront of our growth ambitions,” he said.Despite the joint mine plan the partners retain the right to separately develop standalone projects, including development of underground resources, Anglo said.Anglo said it hoped to complete a due diligence and sign definitive agreements in the second half of this year with the prospect of other similar deals in the pipeline.“I have forever spoken about the real intrinsic value of mining adjacencies and where there’s a real industrial logic for a combination,” said Wanblad. “There are a couple more in the portfolio. There are a number of interested parties to work through so maybe there are one or two more to come,” he said.“This was a big prize to go after. We’ve been working on it for a time.” In December, Anglo announced it had completed a deal incorporating Vale’s Serpentina iron ore deposit into its Minas Rio iron ore mine in Brazil worth $157.5m. In terms of that agreement, Vale took a 15% stake in Minas Rio with an option over a further 15% shareholding.  The post Anglo agrees joint mine plan with Codelco for copper mines appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com