Glencore PLC & Anglo American Plc: Collahuasi Ruling Puts Water Ramp-up in Focus

Research evidence excerpt

Glencore PLC & Anglo American Plc: Collahuasi Ruling Puts Water Ramp-up in Focus

Update

May 18, 2026 02:49 PM GMT

Morgan Stanley & Co. International plc+MGlencore PLC & Anglo American Plc | Europe Alain Gabriel, CFA

Equity Analyst

Collahuasi Ruling Puts Water Alain.Gabriel@MorganStanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-8959

Brian Morgan

Equity AnalystRamp-up in Focus Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

What’s new? Anglo American and Glencore noted a 15 May ruling by Chile’s Second Morgan Stanley & Co. International plc+

Ioannis Masvoulas, CFA

Environmental Tribunal overturning the 2021 environmental approval for Equity Analyst

Collahuasi’s infrastructure expansion project, including its desalination plant. The Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

ruling appears to focus on two areas: (i) the assessment of impacts on local Ferdinand Huber

Research Associate

communities and (ii) the marine environment linked to the desalination Ferdinand.Huber@morganstanley.com +44 20 7677-2702

infrastructure. Collahuasi is seeking clarification from the Tribunal and Chile’s SEA Adahna Ekoku

on the scope of the ruling and any potential operational impact. Based on current Equity Analyst

Adahna.Ekoku@morganstanley.com +44 20 7425-0578

information, neither Anglo American nor Glencore expect an immediate impact on

production, with alternative water sources, including a local aquifer, still available. Glencore PLC (GLEN.L, GLEN LN)

ADRGLNJ.J

The desalination plant in context. Collahuasi is independently managed and owned Metals & Mining | United Kingdom

44% by Anglo American, 44% by Glencore and 12% by Japan Collahuasi Resources. Stock Rating Overweight

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