Santiago, June 24, 2026. Anglo American plc (“Anglo American”), through its subsidiary Anglo American Sur SA, of which it owns 50.1%, and Codelco, announce the closing of the definitive agreement to implement a Joint Mining Plan at their respective Los Bronces and Andina copper mines in Chile, following the acquisition of the necessary regulatory and free competition approvals, as well as the fulfillment of the condition precedents. Today’s announcement follows the landmark agreement signed and announced by Anglo American and Codelco in September 2025.

The Joint Mining Plan is expected to unlock an additional 2.7 million tons of copper over a 21-year period, equivalent to approximately 120,000 additional tons of low-cost copper production annually with minimal capital investment, and generate at least US$5 billion in incremental pre-tax value, which will be shared between the two companies. Implementation of the Joint Mining Plan remains subject to obtaining the necessary environmental permits, currently anticipated no later than 2030.

Duncan Wanblad, CEO of Anglo American, stated: “Our agreement with Codelco demonstrates what is possible when we work in partnership to unlock high-impact industrial synergies, generating significant value and more copper tonnage for both companies and for Chile. The next important milestone for Los Bronces - Andina is the timely acquisition of the necessary permits, which will allow us to begin generating the volume and additional value we are seeking, for the benefit of all our stakeholders and for Chile.”

“By integrating the Los Bronces and Andina mining plans, we are unlocking one of the world’s most significant copper adjacency opportunities. This type of adjacency is rare and highlights the role that responsible, partnership-based development can play in supporting Chile’s ambition to increase domestic copper production to 6 million tons per year by 2030,” Wanblad added.

Bernardo Fontaine, Chairman of the Board of Codelco, commented that “this agreement represents a more efficient and responsible way to develop one of the world’s leading copper districts. It allows us to make better use of existing infrastructure, capture greater benefits for Chile, and move forward with a long-term vision based on operational excellence, sustainability, and the responsible use of resources. It is a concrete example of how collaboration can generate more value without sacrificing the rigor, discipline, and commitment that Codelco demands today.”

“The Andina-Los Bronces Joint Mining Plan reflects the principles that guide Codelco today: safety; maximizing surpluses for the Treasury, which implies making operations profitable while avoiding increasing debt; getting our house in order with a firm hand and transparency; and strengthening sustainability,” Fontaine added.

The companies also established principles to guide the implementation of the Joint Mining Plan, including sustainability criteria that safeguard social programs and compliance with current environmental commitments.

Both Anglo American and Codelco will maintain the flexibility to develop their own projects independently, including the advancement of their respective underground resources, during the term of the Joint Mining Plan, in a coordinated and appropriate manner.

Codelco