Anglo American Sur S.A. ("AAS"), in which a joint venture between Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) and Chilean state-owned mining company Corporación Nacional del Cobre de Chile ("Codelco") holds a 29.5% stake, has entered into a definitive agreement with Codelco to implement a joint mine plan for their adjacent copper operations, Los Bronces and Andina, in Chile.

The joint mine plan has been developed to unlock resources value through optimized mining operations and processing capacity across Los Bronces and Andina. This will enable approximately 120,000 tonnes per year of additional copper production as the total for both mines, with 15% lower unit costs relative to standalone operations and with minimal incremental capital expenditure. 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. Following a preparation period for obtaining environmental permits and other approvals, the joint mine plan is currently expected to commence in 2030 and continue for 21 years.

Mitsui has defined "Global Energy Transition" as one of its Key Strategic Initiatives in its Medium-term Management Plan 2026, and has been focusing on creating a stable energy supply chain and addressing climate change through our strategic ventures. Copper is one of the critical minerals that are necessary for the transition to renewable energy and electrification to achieve decarbonized society. Copper demand is expected to be robust over the medium and long term. Through AAS investment, Mitsui will continue to work with its partners and contribute to the stable supply of copper, realizing its materiality of "Establish a foundation for sustainable and stable supply."

Asset Overview

Anglo American Sur – Los Bronces Copper Mine

Codelco – Andina Copper Mine