Chilean state-owned mining company, Codelco, and multinational mining corporation, Rio Tinto, have announced their collaboration to explore a new copper deposit in the Atacama region of Northern Chile.
The Agua de la Falda S.A. (ADLF) project, previously focused on precious metals, primarily gold, is shifting its focus to copper exploration, marking the first copper search in the area for over 25 years.
Codelco, one of the world’s leading copper producers, and UK-based Rio Tinto, a significant global conglomerate and shareholder in Minera Escondida, formalized their partnership this Monday.
The ADLF project, now a central focus, aims to explore and develop a copper deposit following Rio Tinto’s acquisition of a 57.74% stake from Canadian PanAmerican Silver.
Codelco Board President Máximo Pacheco sees this venture as a great opportunity for the mining companies to utilize their combined experiences and strengths through a public-private partnership.
The Chilean miner owns a 42.26% stake in ADLF, a company established in July 1996.
In recent times, the company has focused on finding solutions to meet the projected high demand for copper in the coming years.
The Codelco-Rio Tinto partnership is built on a mining collaboration agreement signed in October 2022, wherein both companies pledged to share best practices, accelerate innovations, and consider environmental, social, and governance criteria.