Rio Tinto, Codelco Entered Joint Venture to Develop Chile Copper Assets

The collaboration agreement between the two companies was signed in October last year.

SEATTLE (Scrap Monster): Rio Tinto announced that it has entered into a joint venture project with state-owned Codelco towards exploration and potential development of its assets in Chile’s Atacama region. The collaboration agreement between the two companies was signed in October last year.

The new joint venture, known as Nuevo Cobre, was formalised during a meeting between Jakob Stausholm, Rio Tinto Chief Executive, and Maximo Pacheco Chairman recently held in Tokyo.

Commenting on the development, Rio Tinto Chief Executive Jakob Stausholm said that the partnership aims to bring together the complementary experience and capabilities of both the companies. It combines Codelco’s local knowledge and expertise with Rioo Tinto’s global track record in exploration. Meantime, Codelco Chairman Maximo Pacheco said that the company is pleased to formalize the partnership and acknowledge their mutual commitment to follow industry-leading standards.

Also, the company announced that it has completed the acquisition of PanAmerican Silver’s stake in Agua de la Falda, which has so far witnessed minimal modern exploration of copper. The new joint venture will focus on new copper discoveries in the region.

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