Codelco and Rio Tinto Sign Cooperation Agreement to Develop Nuevo Cobre Mining Area in Chile

Published: May 13, 2025 19:21

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According to SMM, Codelco announced on its website that it and Rio Tinto have entered into a new cooperation agreement aimed at accelerating the potential development of the mining areas surrounding Nuevo Cobre in the Atacama region of Chile. Nuevo Cobre is a joint venture between Rio Tinto (57.74%) and Codelco (42.26%), established in 2023, with the objective of exploring and developing mineral resources located 10 kilometers southeast of the Potrerillos smelter. San Antonio, a mining company under Codelco, is adjacent to Nuevo Cobre. The geological potential of the area and the proximity of the two projects provide opportunities for establishing a mining district. Through this agreement, both parties will collaborate to assess opportunities, identify synergies, and mitigate risks.

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