TOKYO, September 17, 2025 – (JCN Newswire via SeaPRwire.com) – Mitsubishi Corporation (“MC”) is pleased to announce that Anglo American Sur S.A. (“AAS”), in which MC holds a 20.4% stake, has entered into a definitive agreement with Codelco to implement a joint mine plan for their adjacent copper operations in Chile: Los Bronces and Andina. This agreement builds on the memorandum of understanding announced in February 2025.
Los Bronces and Andina have been trusted neighbors for decades. The implementation of a joint mine plan marks an important milestone that will further strengthen this partnership. This transaction is expected to generate a potential pre-tax value uplift of at least US$5 billion (100% basis), driven by the efficient development of the Los Bronces-Andina mining district and the optimization of existing processing capacity with minimal incremental capital investment. The joint mine plan is set to begin in 2030 and is projected to yield an additional 120,000 tonnes of copper production per year over a 21-year period (MC’s equity share: 12,000 tonnes of copper per year).
A new operating company, jointly owned and controlled by AAS and Codelco, will be established to coordinate the execution of the joint plan. Copper production and the resulting economic benefits will be shared equally between AAS and Codelco.
As part of its corporate strategy, MC aims to expand its equity-based resource production and strengthen its competitive edge through its value-creation framework: Enhance, Reshape, and Create. This project serves as a key example of “Reshaping” existing operations through strategic new partnerships. Copper is projected to experience sustained long-term demand growth. At the same time, challenges such as declining ore grades are making new mine development increasingly complex, raising concerns about future supply stability. MC remains firmly committed to securing and maintaining a stable supply of copper resources, recognizing their essential role in decarbonization.
Los Bronces Copper Mine (Left) / Andina Copper Mine (Right)
AAS Overview:
| Operating Assets | Los Bronces Mine, El Soldado Mine, Chagres Smelter |
|---|---|
| Shareholding Structure | Anglo American plc (AA) 50.06%, Becrux 29.5% (Codelco 20%, Mitsui & Co. 9.5%), MC 20.44% |
| Annual Production in 2024 | Approximately 220,000 tonnes |
Project Overview:
| Location | Metropolitan Region and Valparaiso Region, Chile |
|---|---|
| Structure | AA 50%, Codelco 50% The newly established company will be indirectly owned by AAS shareholders: Anglo American plc (25.03%), Becrux (14.75%, comprising Codelco at 10.0% and Mitsui & Co. at 4.75%), and MC (10.22%). |
| Mining Method | Open pit |
| Start Year | 2030 |
| Average Annual Production Volume Increase for AAS | 120,000 tonnes on a 100% basis (MC equity share: 12,000 tonnes) compared to current standalone operations. |
| Life of Mine | Over 21 years |
Mitsubishi Corporation
Mitsubishi Corporation (MC) is an integrated trading and investment company that develops and operates businesses across multiple industries together with its global network. MC has eight business segments that span virtually every industry: Environmental Energy, Materials Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.
Anglo American
Headquarters: 17 Charterhouse Street, London, EC1N 6RA, United Kingdom
Main Operations: Anglo American engages in mining operations across the globe, with a portfolio of world-class assets and undeveloped resources, including copper and premium quality iron ore.
Representative: Duncan Wanblad, Chief Executive
Year of Establishment: 1917
Codelco
Headquarters: Alameda Libertador Bernardo O’Higgins 1449 Torre 2, piso 9, Santiago, Chile
Main Operations: Codelco is a Chilean state-owned company and one of the world’s largest copper producers, engaged in mining and smelting operations.
Representative: Maximo Pacheco, Chairman
Year of Establishment: 1976
Inquiry Recipient
Mitsubishi Corporation
Telephone:+81-3-3210-2171
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