Codelco and Rio Tinto join forces to unlock copper district potential in northern Chile

The companies will conduct joint studies on the Nuevo Cobre and San Antonio projects, aiming to create a strategic copper production hub in northern Chile.

In a major step for copper mining in Chile, Codelco and Rio Tinto have announced a new collaboration agreement to drive the potential development of a mining district around Nuevo Cobre, located in the country’s Atacama Region.

Nuevo Cobre is a joint venture established in 2023, with Rio Tinto holding 57.74% and Codelco 42.26%. The project is located 10 kilometers southeast of the Potrerillos smelter. San Antonio, a neighboring Codelco-owned property, also boasts strong geological potential. Their proximity and shared characteristics represent a unique opportunity to establish a world-class mining district.

Under the new agreement, both companies will form a joint committee and provide equal funding for preliminary conceptual studies over an initial 12-month period, with the possibility of extension.

“Collaboration is a cornerstone of sustainable mining. It is the best way to tackle the challenges of increasingly complex projects. In this case, two global industry leaders are joining forces to unlock the full potential of this mining district,” said Máximo Pacheco, Chairman of Codelco’s Board.

Jakob Stausholm, CEO of Rio Tinto, added: “This is another significant milestone in our partnership with Codelco as we advance work on Nuevo Cobre and the broader district. Chile plays a key role in supplying copper and other critical minerals needed for the energy transition. We will leverage our complementary experience and capabilities to explore and develop the area in a way that benefits the Atacama Region.”

The joint effort will seek to maximize the value of the district, enable the efficient development of mineral resources, and identify synergies, especially in infrastructure. The studies will also prioritize the highest socio-environmental standards and deliver benefits to local communities and the wider regional economy.