Chilean copper producer Codelco and global mining giant Rio Tinto (RIO, Financial) have announced a collaboration to develop a new copper "mining district" in Chile's Atacama region. The agreement establishes a joint committee and allocates shared funding for preliminary studies, initially set for 12 months with potential extensions.
This partnership follows the formation of the Nuevo Cobre project in 2023, aimed at exploring the region. In this joint venture, Codelco holds approximately 43% ownership, while Rio Tinto owns about 58%. The Nuevo Cobre project is adjacent to Codelco's existing San Antonio mining area.
Codelco highlighted the geological potential of the expansive Atacama region and the proximity of the two projects as key opportunities for creating a mining hub. The companies aim to maximize the region's value through infrastructure development and other initiatives.
Rio Tinto's CEO, Jakob Stausholm, emphasized the collaboration's potential to leverage their complementary expertise and capabilities to drive exploration and development in a way that benefits the Atacama region.
