Rio Tinto and Codelco complete Nuevo Cobre exploration joint venture agreement
November 08 2023 - 7:01AM
Business Wire
Rio Tinto has today 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.
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