Atacama Region, Chile – Codelco and Rio Tinto have announced a new collaboration agreement aimed at accelerating the potential development of the mining district surrounding Nuevo Cobre, a joint venture established in 2023 between the two companies.
Nuevo Cobre, located 10 kilometers southeast of the Potrerillos smelter, is 57.74% owned by Rio Tinto and 42.26% by Codelco. Adjacent to it is San Antonio, a mining property owned by Codelco. The geological potential and geographic proximity of the two areas present a unique opportunity to establish a unified mining district.
The agreement includes the formation of a joint committee and a shared investment in preliminary conceptual studies over an initial 12-month period, with the possibility of extension.
Máximo Pacheco, chairman of Codelco’s board, stated, “Collaboration is a fundamental pillar of sustainable mining. It is the best way to face increasingly demanding project challenges. In this case, two global industry leaders are joining forces to unlock the full potential of this mining district.”
Jakob Stausholm, CEO of Rio Tinto, added, “This is another significant milestone in our partnership with Codelco to advance work on Nuevo Cobre and the broader district. Chile plays a key role in supplying copper and other critical minerals for the global energy transition. We will maximize our complementary expertise to drive exploration and development in a way that benefits the Atacama Region.”
The joint effort aims to maximize district value, enable efficient mineral resource development, and explore infrastructure-related synergies. The project will also uphold the highest environmental and social standards, with a strong focus on community benefits and regional development.