Nuevo Cobre is a joint venture between Rio Tinto (57.74%) and Codelco (42.26%), established in 2023 to explore and develop mineral properties located 10 km southeast of the Potrerillos smelter. San Antonio is a Codelco mining property adjacent to Nuevo Cobre. The geological potential of the area and the proximity of the two projects present an opportunity to establish a mining district. Through this agreement, both parties will collaborate to evaluate opportunities, identify synergies, and reduce risks.
Máximo Pacheco, Chairman of the Board of Codelco, said:
“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.”
The agreement provides for the formation of a joint committee and equal funding between Rio Tinto and Codelco to conduct preliminary conceptual studies for an initial 12-month period, with the possibility of an extension.
Jakob Stausholm, CEO of Rio Tinto, said:
“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 maximise 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.