Rio Tinto has signed two exploration joint venture agreements with
CODELCO’s 100% owned subsidiary, CCM Los
Andes, in Chile. These agreements follow the first exploration joint
venture agreement signed between Rio Tinto and CODELCO in January 2008.
CODELCO is the world’s largest copper producer.
The new properties to be explored are the Esteli and Paloma prospects in
northern Chile. The Esteli property adjoins the Exploradora property,
which was subject to the first joint venture agreement between Rio Tinto
and CODELCO, while the Paloma property is located close to the copper
mines at Spence and El Tesoro. An exploration drilling programme is
currently underway at Exploradora and will be followed by drilling at
Paloma this year.
Rio Tinto has the option to earn a 55 per cent interest in each prospect
through stand alone exploration investments of US$20 million. The
agreements include provisions to increase Rio Tinto’s
ownership to 60 per cent.
“We are very pleased to enter into these
additional agreements which strengthen Rio Tinto’s
relationship with CODELCO and provide access to some of the most
prospective copper tenement in the world,”
said Bret Clayton, chief executive of Rio Tinto Copper.
Rio Tinto has been exploring in Chile since 1989 and has several
additional copper exploration properties under title which are scheduled
for drill-testing in 2008.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the
UK, combining Rio Tinto plc, a London and NYSE 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.
Forward-Looking Statements
This announcement includes “forward-looking
statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
