Rio Tinto Joined Forces with Codelco to Explore Chile Copper Asset

SEATTLE (Scrap Monster): State-owned Chilean copper company Codelco will partner with leading miner Rio Tinto on newly acquired Agua de la Falda (ADLF) copper asset in Northern Chile. The two companies had entered into an underground mining collaboration agreement in October last year.

Earlier, Rio Tinto had reached an agreement with Pan American Silver towards acquisition of majority operating stake in the asset. As of now, Rio Tinto and Codelco owns 57.74% and 42.26% stake respectively in ADLF.

The studies carried out by both the partners had suggested that the region has good potentials to hold significant copper deposits. The exploration and development of these ADLF deposits will be the primary focus of the joint venture partners.

In a statement, Maximo Pacheco, Chairman, Codelco noted that the deal presents an unbeatable opportunity for the companies to work together, by combining their vast experiences, strengths and capabilities. The public-private partnerships in Chile, similar to this, have yielded success for the company for several years, he added.

Jakob Stausholm, Chief Executive, Rio Tinto said that the strategic alliance with Codelco will benefit from Codelco’s valuable experience and significant local presence. The company is pleased to make its exploration capabilities, knowledge and technologies available to ADLF, he added.