Philippi Prietocarrizosa Ferrero DU & Uría acts on Anglo American-Codelco Mining MOU
Philippi Prietocarrizosa Ferrero DU & Uría (PPU) Chile has advised Anglo American on an agreement of a Memorandum of Understanding (MOU) with Codelco to develop a joint mine plan for their adjacent copper mines of Los Bronces and Andina. The plan is expected to unlock a value uplift of at least US$5 billion pre-tax.
The MOU establishes terms and conditions for the settlement of certain binding agreements for the planning and operation of both contiguous mines through a joint mining plan. The materialization of this plan is projected to significantly impact the value of both companies, with an estimated increase in copper production of 120,000 tons of fine copper on average throughout the 21 years of operation, without significant investments beyond currently planned independent base cases.
“This MOU represents a key milestone in the process of designing and implementing a joint mine plan for the Andina-Los Bronces mining district, which is expected to create a significant value uplift for the benefit of both companies as well as Chile”, said PPU’s partner Carlos Alberto Reyes (pictured left), who led the transaction.
The MOU closing date was February 19, 2025, with the signing of definitive agreements expected in the second half of 2025. Carey served as counsel to Codelco, while PPU and Estudio Fermandois advised Anglo American.
The PPU legal team included partners Carlos Alberto Reyes, Jerónimo Carcelén (pictured center), Juan Paulo Bambach (pictured right), Juan José Eyzaguirre, Guillermo Infante, Paulina Miranda, and Mario Fava, along with associates Fernando Bustos, Felipe Ossa, Mario Mozó, María Ignacia Silva, Gabriel Budnik, Aref Cosma, and Tomás Freire.
