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 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.

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

The joint operation is projected to generate a minimum pre-tax net present value (NPV) uplift of $5 billion over the life of the agreement, which will be equally shared between both companies.

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