11:57 AM EDT, 05/12/2025 (MT Newswires) -- Rio Tinto (RIO) and Codelco will jointly develop a copper "mining district" around their Nuevo Cobre project in northern Chile's Atacama region, Reuters said Monday, citing a statement from Codelco.

The agreement establishes a joint committee and shared funding for preliminary studies over an initial 12-month period, with the option to extend. It builds on their Nuevo Cobre joint venture launched in 2023, in which Rio Tinto holds a 58% stake and Codelco 43%.

Both Rio Tinto and Codelco didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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