2023-08-10 12:25:08 ET
Anglo American ( OTCQX:AAUKF ) ( OTCQX:NGLOY ) and Codelco are exploring options to coordinate mining activities at their adjoining copper operations in Chile in an attempt to raise output and productivity, Bloomberg reported Thursday.
Talks are focusing on enabling Anglo's ( OTCQX:AAUKF ) ( OTCQX:NGLOY ) Los Bronces mine and Codelco's Andina mine to tap rich ore grades sitting between the two operations, as well as processing Andina ore at Los Bronces plants, according to the report.
Any agreement reportedly would be limited to operational collaboration rather than ownership changes.
For Anglo ( OTCQX:AAUKF ) ( OTCQX:NGLOY ), motivation for an agreement involving Andina and Los Bronces may include declining ore quality, water restrictions and greater scrutiny of environmental and social issues; for Codelco, a deal also could offer some production upside after output fell and costs surged.
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Anglo American, Codelco discuss mining pact to boost Chile copper output - report