Rio Tinto and Codelco complete Nuevo Cobre exploration agreement
(Posted on 13/11/23)
Rio Tinto has completed the acquisition of PanAmerican Silver’s stake in Agua de la Falda and entered a joint venture with Corporación Nacional del Cobre de Chile (Codelco) to explore and potentially develop the company’s assets in Chile’s prospective Atacama region.
The acquisition, announced on 1 August 2023, comprises a 57.74% operating stake in Agua de la Falda for $45 million and the grant of net smelter returns royalties. It paves the way for Rio Tinto and Codelco to start its joint exploration project at the asset.
Jakob Stausholm, Rio Tinto Chief Executive, and Maximo Pacheco Chairman, Codelco today met in Tokyo to formalise the new joint venture, which will be known as Nuevo Cobre (New Copper).
Rio Tinto Chief Executive Jakob Stausholm said “Chile is one of the most important sources of the copper and other critical minerals the world needs to deliver the energy transition and achieve net zero. With this partnership, we are bringing together our complementary experience and capabilities. Codelco’s local knowledge and expertise is second to none and we have a global track record in exploration. I am very much looking forward to getting our work on the ground started.”
Codelco Chairman Maximo Pacheco said “This is an unbeatable opportunity for Codelco and Rio Tinto to join our knowledge, experience, strengths and capabilities to accelerate exploration and development of these assets to contribute the copper that the world needs for its energy transition. We are very pleased to formalize this partnership with Rio Tinto and acknowledge our mutual commitment to following the best standards of health, safety, community relations and care for the environment.”
Agua de la Falda has previously been explored for precious metals with minimal modern exploration for copper. Analysis by Rio Tinto Exploration indicates it is prospective for new copper discoveries, which will now be the focus of the joint venture.
The partnership builds on a collaboration agreement between the two companies signed in October 2022, aimed at encouraging innovations and technology to improve safety, productivity and environmental, social and governance (ESG) outcomes in underground mining.
Latest News
SSAB delivers decarbonised steel to Vattenfall’s solar park project in Germany
(Posted on 29/05/26)SSAB is supplying decarbonised steel to Vattenfall for the construction of the ground-mounted solar... Read more
NGFA statement on STB’s decision to conditionally accept rail merger application
(Posted on 29/05/26)In accordance with the Surface Transportation Board’s merger rules, the Board has conditionally... Read more
EU feed production market forecast highlights continued stability
(Posted on 25/05/26)FEFAC market experts are forecasting continued stability in the EU compound feed production market for... Read more
Fertilizer Action Plan: recognition must now translate into delivery
(Posted on 22/05/26)Fertilizers Europe has acknowledged the European Commission’s Fertilizer Action Plan, which recognises... Read more
Tripartite MOU to establish direct U.S.–DRC cobalt supply chain
(Posted on 14/05/26)Entreprise Générale du Cobalt, EVelution Energy LLC and Trafigura Pte Ltd. has announced... Read more
Commissioning of Oxelösund electric arc furnace delayed due to permitting
(Posted on 14/05/26)SSAB’s conversion of the mill in Oxelösund to fossil-free production is being delayed due... Read more
YEC agreement supports decarbonisation of Rio Tinto’s Pilbara iron ore operations
(Posted on 11/05/26)Yindjibarndi Energy Corporation (YEC), one of Australia’s largest Indigenous-led renewable energy... Read more
ASA Vice President urges caution in USTR Section 301 investigation
(Posted on 11/05/26)Soybean farmers are already facing significant economic headwinds and new trade actions could add further... Read more
ADM investment to upgrade Clinton, Iowa, corn processing facility
(Posted on 11/05/26)ADM, a global leader in innovative solutions from nature, has announced a multimillion-dollar investment... Read more
JV in Bayuquan, China to strengthen global raw material supply chains
(Posted on 04/05/26)CREMER ERZKONTOR GmbH has announced the official opening of its joint venture, CREMER (Yingkou) Supply... Read more
