Rio Tinto Eyes Copper Growth in Chile, with a Long-Term Strategy
“Hopefully, by the mid-2030s, we’ll see something actually producing copper. It all depends on how fast we can secure permits, conduct studies, and build the project,” says Clayton Walker, Chief Growth & Development Officer for copper at Rio Tinto, one of the world’s largest mining companies.
Walker, who visited Chile recently during Cesco Week 2025, held a tight schedule of meetings with the company’s Chilean partners. Rio Tinto holds a 30% stake in Minera Escondida, the world’s largest copper mine operated by BHP (57.5% ownership), and it also partners with Codelco through Nuevo Cobre, where Rio Tinto controls 57.74%. This joint venture is focused on exploring the Minera Dionisio prospect at the Agua de la Falda site in Chile’s Atacama Region—an area that hasn’t seen red metal exploration in over 25 years.
This initiative now anchors Rio Tinto’s efforts in the country. While its Chilean office is modest, employing around 30 staff, the company’s global workforce exceeds 59,000. Despite most of its annual revenue of $5.37 billion coming from iron ore and aluminum, Rio Tinto’s growth ambitions in copper are driving its deeper focus on South America—especially Chile.
“We aim to become a significant producer of over 200,000 tonnes of copper per year,” Walker emphasizes.
Chile’s Strategic Edge
“Chile is a great place to do business. It has the resources, but more importantly, it has the people who truly understand how to run mines. That combination is very attractive for a company like Rio Tinto,” Walker notes.
Currently, Rio Tinto operates two copper mines globally—Kennecott in Utah, USA, and Oyu Tolgoi in Umnugovi, Mongolia. Copper accounted for 16% of the company’s revenue in 2024, with production reaching 697,000 tonnes.
The company’s appetite for copper is backed by serious capital: in 2024 alone, Rio Tinto committed $900 million to greenfield exploration, mainly targeting copper and lithium. According to its annual report, most of this spending focused on projects in Angola, Australia, Chile, Colombia, Kazakhstan, Papua New Guinea, Peru, the U.S., and Zambia.
In Chile, the exploration campaign at Nuevo Cobre is still waiting on permits—five months into the process with the Environmental Evaluation Service (SEA). Still, Rio Tinto’s expectations remain high, aiming to develop a large-scale copper project.
“Chile is a huge opportunity for Rio Tinto,” Walker affirms. “That’s why we’re collaborating with Codelco—to become a significant copper producer.”
He also praises the growing relationship: “I really like our partnership with Codelco. I think we work well together.”
Long-Term Strategy Amid Geopolitical Tensions
Could global trade tensions derail the project? Walker responds cautiously:
“Things are turbulent, and nobody can predict what’s next. But what I can say is that long-term copper demand remains solid.”
He adds, “Even if there’s a short-term slowdown in demand, the fundamentals for copper are strong in the long run. In our business, we make multi-decade decisions—we can’t just react in the moment. We have to think long term.”
Nuton Technology: Unlocking New Copper Potential
Walker also shared updates on Nuton, Rio Tinto’s new bioleaching technology that could transform the copper industry. This process can recover up to 85% of primary sulfide copper, far exceeding traditional leaching technologies. It also removes the need for smelting and refining, enabling high-quality cathode production onsite.
“We currently have a demonstration facility running in the U.S., at Johnson Camp. It’s being tested at full scale,” says Walker.
The company is also considering implementing Nuton at Escondida, although the technology is still in early evaluation stages.
“We’re probably two years away from starting on-site tests. We hope to accelerate the timeline, but that’s the current projection.”
He adds, “We believe Nuton could work at Escondida, and we’re excited about the possibility. We’re doing lab tests and basic engineering studies and aim to launch a test facility within a few years.”
