Chile’s state copper miner Codelco has received approval from the country’s antitrust regulator for its joint mining plan with Anglo American at the Andina-Los Bronces project, Reuters reported.
Last September, the miners finalized an agreement to operate their neighboring copper mines jointly. The deal aims to generate at least $5 billion from increased production and cost savings.
The plan will bring together certain operations at Codelco’s Andina mine and Anglo American’s Los Bronces mine in the Andes Mountains of central Chile, boosting production by 120,000 metric tons of copper per year.
“The project continues to advance with its regulatory approval process, while preparations are underway for the environmental permitting process and the establishment of the entity that will coordinate the joint operation,” Codelco said.
Competition watchdogs in China, Brazil and South Korea have already approved the project, noted the news agency.
Source: Reuters