Anglo and Codelco Sign Pact to Boost Copper Output in Chile

Anglo American Plc signed a pact with Chile’s state copper company Codelco to jointly develop their adjacent mines near Santiago in a bid to boost production without major investments.

Mining companies around the world are forging partnerships to contain costs and lift output as ore quality deteriorates and new projects get pricier to develop. By joining forces at the Los Bronces and Andina mines, Anglo and Codelco hope to squeeze out an additional 120,000 metric tons a year and at least $5 billion in value to be shared equally.