Codelco announced on its website that it and Rio Tinto have entered into a new cooperation agreement aimed at accelerating the potential development of mining areas surrounding Nuevo Cobre in the Atacama region of Chile.
Nuevo Cobre, a joint venture between Rio Tinto (57.74%) and Codelco (42.26%), was established in 2023 to explore and develop 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 offer opportunities for establishing a mining district. Through this agreement, both parties will collaborate to assess opportunities, identify synergies, and mitigate risks.
"Cooperation is a fundamental pillar of sustainable mining. It is the best way to address the increasingly demanding challenges of projects. This time, two global industry leaders are joining forces to unlock the full potential of this mining area," said Máximo Pacheco, Chairman of the Board of Directors of Codelco.
The agreement stipulates that Rio Tinto and Codelco will establish a joint committee, with both companies contributing equal funding for an initial 12-month conceptual study, which may be extended.
"This is another significant milestone in our collaboration with Codelco to advance work on new copper mines and surrounding areas. Chile plays a crucial role in supplying the copper and other critical minerals needed for the world's energy transition. We will leverage our complementary expertise and capabilities to drive exploration and development in a way that benefits the Atacama region," said Jakob Stausholm, CEO of Rio Tinto.
This joint effort will seek to maximize the value of the region, achieve efficient development of mineral resources, and explore synergies and opportunities related to infrastructure. While the study will focus on development pathways, it will also consider the highest social and environmental standards, the interests of local communities, and the development of the Atacama region.
