17th Sep 2025 09:21
(Alliance News) - Mitsubishi Corp on Wednesday said that its investee Anglo American Sur SA has entered a definitive agreement with Codelco on copper mining in Chile.
The Tokyo-based integrating trading and investment firm owns 20.4% of Anglo American Sur, or AAS, a subsidiary of London-based mining firm Anglo American PLC.
Codelco, or Corporacion Nacional del Cobre de Chile, is a Santiago-based copper producer owned by the Chilean government. AAS and Codelco operate the adjacent Los Bronces and Andina copper mines, and have agreed to jointly own and control a new company targeting the Los Bronces-Andina area, with production benefits equally shared.
Anglo American has a 50.06% interest stake in the mining assets, while Inversiones Mineras Becrux Spa owns 29.5% and Mitsui & Co holds 9.5%.
The joint mine plan is due to begin in 2030 and is forecast to yield an additional 120,000 tonnes of copper annually over 21 years. Of this, Mitsubishi's equity share will be around 12,000 tonnes.
According to Mitsubishi, the deal builds on a memorandum of understanding AAS and Codelco signed back in February, and is expected to have a potential pre-tax value uplift of at least USD5 billion, on a 100% basis, through "the optimisation of existing processing capacity with minimal incremental capital investment."
Mitsubishi shares closed down 0.4% at JPY3,472.00 on Wednesday in Tokyo. Anglo American fell 1.3% to 2,542.33 pence per share on Wednesday morning in London.
By Holly Munks, Alliance News reporter
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