Chilean state-run copper giant Codelco (COBRE.UL) and London-listed miner Anglo American signed a memorandum of understanding to jointly operate neighboring copper mines in central Chile, the companies announced on Thursday.

Anglo American Plc has signed a pact with Chile’s state copper company Codelco to jointly develop their adjacent mines near Santiago in a bid to boost production without major investments.Most Read from BloombergTrump to Halt NY Congestion Pricing by Terminating ApprovalSorry,

They will jointly develop their adjacent Los Bronces and Andina mines,in a bid to boost copper production without major investments.

Chilean state-run copper giant Codelco and London-listed miner Anglo American are set to announce a deal to jointly operate neighboring copper mines in central Chile, according to a report by newspaper La Tercera late on Wednesday.

Anglo American Plc has signed a pact with Chile’s state mining company Codelco to jointly develop their adjacent Los Bronces and Andina operations.

Chilean state miner Codelco, the world's largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.

ANGLO American today announced plans for a joint mine plan with Codelco in Chile that will see the partners produce 2.7 million tons of additional copper over 21 years from 2030. A memorandum of understanding has been signed between Anglo’s 50.