Anglo American: Anglo American, Codelco complete joint mine plan agreement; JPMe ~$500m NPV post-tax synergy for Anglo plc

Research evidence excerpt

Anglo American: Anglo American, Codelco complete joint mine plan agreement; JPMe ~$500m NPV post-tax synergy for Anglo plc

C A Z E N O V E Europe Equity Research

24 June 2026

Anglo American

Anglo American, Codelco complete joint mine plan Underweight

agreement; JPMe ~$500m NPV post-tax synergy for AAL.L, AAL LN

Anglo plc Price (23 Jun 26):3,710p

Price Target (Dec-27):3,160p

Our Take – to start in ~2030, synergy ~$0.5bn NPV post tax (25% basis): Anglo European Metals, Mining & Steel

ACAmerican, via its 50.1%-owned subsidiary Anglo American Sur, has completed its Dominic O'Kane

joint mine plan agreement with Codelco across the adjacent Los Bronces and (44-20) 7742-6729

Andina copper mines in Chile. First announced in 2025, the completion follows dominic.j.okane@jpmorgan.com

receipt of the required competition and regulatory approvals. The joint mine plan J.P. Morgan Securities plc

is expected to unlock 2.7Mt of additional copper over a 21-year period, delivering Patrick Jones

an average of 120kt pa of additional low-cost production to be shared equally (44-20) 7742-5964

patrick.jones@jpmorgan.com

(Anglo plc share 25%, ~30kt pa). Anglo/Codelco estimate $5bn pre-tax synergies J.P. Morgan Securities plc

to be shared pro-rata, which we estimate at ~$1.8bn on a post tax NPV basis (8%

Rosie Jia

WACC, 27% Chile Corp Tax), or ~$460m NPV attributable to Anglo plc for its (44-20) 3493-7448

25% pro-rata economic share. The key remaining milestone is the timely receipt rosie.jia@jpmorgan.com

of the relevant environmental permits, alongside other customary conditions to J.P. Morgan Securities plc

final implementation, with first incremental production currently expected by Varun Bhattad

2030. We currently do not model the joint Los Bronces-Andina mine plan in our (91-22) 6157-5027