Rio Tinto signs joint venture agreement with CODELCO for copper exploration in Chile

Rio Tinto signs joint venture agreement with CODELCO for copper exploration in Chile

Rio Tinto signs joint venture agreement with CODELCO for copper exploration in Chile

Rio Tinto has signed an exploration joint venture agreement with CODELCO, the world’s largest copper producer. Under the terms of the agreement, Rio Tinto and CODELCO’s 100%-owned subsidiary SCM Los Andes will jointly contribute mineral rights in Chile to the joint venture, which will be managed by Rio Tinto. This is the first joint venture that Rio Tinto has entered into with state-owned CODELCO.

Bret Clayton, chief executive, Copper, Rio Tinto said “This landmark agreement combines the strengths of two highly experienced copper producers. Together, we hope to unlock value from a highly prospective copper belt in the biggest copper producing country in the world. We look forward to a long and deepening relationship with CODELCO”.

The property to be explored is the Exploradora prospect in northern Chile. Rio Tinto has the option to earn a 55 per cent interest in the prospect through an exploration investment of US$20 million, with the potential to increase ownership to 60 per cent.

Rio Tinto has been exploring in Chile since 1989 and has several copper exploration properties under title which are scheduled for drill-testing in 2008

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About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange. Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

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