Mining Engineering’s Weekly Rundown: Episode 21

First up, Anglo American and Codelco have finalized a landmark deal to jointly operate their neighboring copper mines in central Chile, unlocking an estimated $5 billion in additional value. The agreement links Anglo’s Los Bronces mine with Codelco’s Andina operation, just outside Santiago, and is expected to add 2.7 million tones of copper production over the next two decades. A new joint operating company will oversee the integration, while both miners retain ownership of their assets. With combined output, the mines could rank among the world’s top five copper producers, positioning the partnership as one of the most significant shifts in the copper landscape. While the deal carries ambitious sustainability commitments, it has also drawn opposition from environmental groups concerned about water and glacier impacts in the Andes. This agreement follows Anglo’s recent merger with Teck Resources, marking a period of rapid transformation for the company.

Next, Newmont Corporation announced the sale of its Coffee Project in Yukon, Canada, to Fuerte Metals Corporation for up to $150 million. The deal includes $10 million in cash, $40 million in Fuerte shares, and a 3 percent royalty, with an option for Fuerte to repurchase that royalty for up to $100 million. CEO Tom Palmer emphasized that the sale reflects Newmont’s broader strategy to streamline its portfolio and sharpen its focus on core operations. For Fuerte, which has backing from well-known mining investor Pierre Lassonde, the acquisition marks a significant step in expanding its copper and precious metals portfolio. With this transaction, Newmont has now completed the divestment of all assets it earmarked for sale in 2024, signaling a renewed focus on its flagship projects worldwide.

Finally, Highland Copper has announced a potential boost for its Copperwood Project in Michigan’s Upper Peninsula. The company received a non-binding Letter of Interest from the U.S. Export-Import Bank, which could provide up to $250 million in debt financing under the federal government’s “Make More in America” initiative. Copperwood is one of the few U.S. copper projects with all major permits in place and a completed feasibility study. If approved, the financing would cover more than half of the $400 million needed to advance the mine to construction. Highland CEO Barry O’Shea said the move underscores Copperwood’s role in strengthening the U.S. critical minerals supply chain, while also pledging adherence to Michigan’s strict environmental standards. The letter is not a financing commitment, but it signals high-level federal interest in boosting domestic copper production.

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