Rio Tinto expands presence in Chile's copper sector with $45 million acquisition

In a strategic move to bolster its position in the Chilean copper market, Rio Tinto has successfully acquired PanAmerican Silver's 57.74% stake in Agua de la Falda for a substantial $45 million. The acquisition marks a significant development in the region's mining landscape, with the creation of a new joint venture named Nuevo Cobre (New Copper).

Codelco, the Chilean state-owned mining company, retains the remaining 42.26% interest in Agua de la Falda. This partnership solidifies Chile's crucial role as a global source of copper and other essential minerals essential for the ongoing energy transition.

The primary objective of Nuevo Cobre is to expedite the exploration and development of these valuable mining assets. This collaboration is expected to play a pivotal role in meeting the escalating global demand for copper, a key component in the world's transition towards cleaner energy sources.

The joint venture will concentrate on collaborative copper exploration at the Agua de la Falda site, spurred by Rio Tinto's analysis indicating promising prospects for new discoveries.