Codelco and Rio Tinto have entered into a collaboration agreement to advance the development of a mining district around Nuevo Cobre in Chile's Atacama Region. This partnership aims to accelerate exploration and development efforts in the area, leveraging the joint venture established between the two companies in 2023.
Nuevo Cobre is owned by Rio Tinto (57.74%) and Codelco (42.26%). It focuses on mineral properties located near the Potrerillos smelter. The proximity of San Antonio, a Codelco property, enhances the potential for establishing a significant mining district.
Máximo Pacheco, Chairman of the Board of Codelco, emphasized the importance of collaboration: “Collaboration is a fundamental pillar of sustainable mining. It's the best way to meet the challenges of increasingly demanding projects. In this case, two global industry leaders are joining forces to unleash the full potential of this mining district.”
The agreement includes forming a joint committee with equal funding from both companies to conduct preliminary studies over an initial 12-month period, which may be extended.
Jakob Stausholm, CEO of Rio Tinto, highlighted Chile's role in supplying essential minerals: “This is another significant milestone in our partnership with Codelco to advance the work at Nuevo Cobre and the broader district. Chile plays a key role in providing copper and other critical minerals the world needs to advance the energy transition. We will leverage our complementary expertise and capabilities to drive exploration and development in a way that benefits the Atacama Region.”
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