Anglo American Plc (AAL.L): Completes Los Bronces-Andina Tie-up; low capex production growth ahead

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Anglo American Plc (AAL.L): Completes Los Bronces-Andina Tie-up; low capex production growth ahead

Goldman Sachs Anglo American Plc (AAL.L)

industry could look to adopt. It should deliver infrastructure and resource

synergies, providing increased production, lower costs and capex deferrals in light of

the increasing wave of capex facing the sector to offset declining resource quality.

Los Bronces OP has M&I resources of 3.3Bt at 0.42% Cu (as of Dec 2025) and Andina

has 5Bt (M&I + inferred) of resources at 0.73% Cu (as of Dec 2024). Over the past

2yrs, AAL has differentiated itself by deferring major capital projects through

adjacent partnerships, with Minas Rio another precedent.

n But at the same time, both miners still own their respective mines; therefore, this

agreement does not limit the optionality and discretion of each miner to

potentially expand their own mines in the future, including their respective

underground resources, which is important given the multi-decade mine life Los

Bronces offers. AAL will retain full ownership of the large Los Sulfatos project (Los

Bronces Underground), which has a total mineral resource (M&I+Inferred) of 5.4Bt at

1.02% Cu (as of Dec 2025), making it arguably one of the best undeveloped

underground deposits. It remains a fully permitted shovel-ready growth option that

AAL could develop if copper prices warrant.

n Collahuasi capex deferral next? The next large copper capex item for Anglo

(excluding Woodsmith) would be the 4th Line at Collahuasi, which we estimated to

cost $7-9bn (100%, ~$4bn AAL share). AAL has stated it is exploring a partnership

between Collahuasi and the neighboring QB mine (operated by Teck Resources)

which could unlock a further 175kt Cu at a capital intensity of $11k/t.