Rio Tinto and Codelco Collaborate on New Copper Mining Hub in Chile's Atacama Region.

Rio Tinto and Codelco are collaborating to develop a new copper mining hub in Chile's Atacama region. The joint venture, Nuevo Cobre, will explore the region and aims to create a mining hub through infrastructure development and other initiatives. The project is adjacent to Codelco's existing San Antonio mining area and is expected to create value for the region. The collaboration follows the formation of the Nuevo Cobre project in 2023 and will involve preliminary studies for 12 months with potential extensions.

Santiago, Chile - Chilean copper producer Codelco and global miner Rio Tinto have announced a significant partnership aimed at developing a new copper mining hub in Chile's Atacama region. The joint venture, known as Nuevo Cobre, is set to explore the region and create a mining hub through infrastructure development and other initiatives. The project is adjacent to Codelco's existing San Antonio mining area and is expected to create value for the region.

The collaboration follows the formation of the Nuevo Cobre project in 2023, where Codelco owns about 43% and Rio Tinto owns about 58% of the venture. The agreement establishes a joint committee and shared funding for preliminary studies for an initial 12-month period, with the possibility of extension [1].

The new agreement aims to maximize the value of the area through infrastructure development and other initiatives. Both companies will leverage their complementary expertise and capabilities to drive exploration and development in a way that benefits the Atacama region [2].

Máximo Pacheco, Chairman of the Board of Codelco, emphasized the importance of collaboration in sustainable mining. "Collaboration is a fundamental pillar of sustainable mining. It's the best way to meet the challenges of increasingly demanding projects. In this case, two global industry leaders are joining forces to unleash the full potential of this mining district," he said.

Jakob Stausholm, CEO of Rio Tinto, added, "This is another significant milestone in our partnership with Codelco to advance the work at Nuevo Cobre and the broader district. Chile plays a key role in providing copper and other critical minerals the world needs to advance the energy transition. We will leverage our complementary expertise and capabilities to drive exploration and development in a way that benefits the Atacama Region."

The joint effort will seek to maximize the district's value, enable efficient development of mineral resources, and explore synergies and opportunities related to infrastructure. While the study will focus on development pathways, it will also consider the highest socio-environmental standards, benefits for local communities, and the development of the Atacama Region.

References:
[1] https://www.newsbreak.com/reuters-555486/4004095683710-codelco-and-rio-tinto-ramp-up-efforts-for-chile-copper-mining-district
[2] https://www.globalminingreview.com/mining/13052025/codelco-and-rio-tinto-to-develop-mining-district-in-the-atacama-region/