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

NGFA applauds reintroduction of HAULS Act

The National Grain and Feed Association (NGFA) has applauded Senator Deb. Fischer’s (R-Neb.) reintroduction... Read more

Anglo American and Teck receive approval for merger of equals

Anglo American plc and Teck Resources Limited have received regulatory approval from the Government... Read more

Rhodes Ridge $191m feasibility study on Pilbara iron ore mine

The Rhodes Ridge Joint Venture has approved a $191 million (A$294 million) (Rio Tinto share $96 million... Read more

Strong metals trading as Trafigura publishes annual results

Trafigura Group Pte Ltd, a global leader in the commodities industry, has announced its financial results... Read more

Rio Tinto’s Nuton technology produces first copper

Rio Tinto has successfully produced the first copper from the Johnson Camp mine in Arizona using its... Read more

US soy and Uzbekistan sign MoU to expand trade

The American Soybean Association’s World Initiative for Soy in Human Health programme and the... Read more

KNAC and Rio Tinto sign updated agreement

Karlka Nyiyaparli Aboriginal Corporation (KNAC) Registered Native Title Body Corporate and Rio Tinto... Read more

OCI Global announces sale of OCI Ammonia Holding to AGROFERT

OCI Global, a leading global producer and distributor of nitrogen products has announced that it has... Read more

Court of Appeal confirms permit for new steel plant in Luleå

In December 2024, SSAB was granted a permit by the Land and Environment Court at Umeå District... Read more

Simandou partners celebrate start of operations

The President of the Republic of Guinea has joined project partners WCS1, Baowu, Chinalco and Rio Tinto... Read more