Codelco and Rio Tinto strengthen major projects development and execution plan in Chile
Codelco and Rio Tinto have used the backdrop of the BMO Global Metals, Mining & Critical Minerals Conference to sign a Memorandum of Understanding (MoU) establishing a framework for strategic collaboration to explore joint opportunities aimed at improving the development and execution of major mining investment projects in Chile.
The agreement seeks to combine the global experience of both companies in project management and execution, operational excellence and supply chain management, with a focus on accelerating timelines, optimising costs, strengthening the integration of ESG criteria, and enhancing the transfer of capabilities and knowledge.
Máximo Pacheco (pictured on the right), Chairman of the Board of Codelco, said: “The challenge of executing increasingly complex projects demands collaboration, joint learning and the use of industry best practices. This agreement reflects our conviction that partnering and cooperating with global leaders like Rio Tinto is key to ensuring excellent execution and creating long-term value for Chile.”
This MoU is part of Codelco’s alliance strategy, aimed at partnering with international leaders to better address the technical, operational and capital challenges involved in developing structural projects, capturing value and strengthening industry standards, the partners say.
Rio Tinto CEO, Simon Trott (pictured on the left), added: “This alliance with Codelco reinforces our long-term commitment to Chile. By combining our project development expertise with Codelco’s leadership, we can strengthen execution, generate greater value, and expand our existing copper and lithium partnerships in the country. Chile remains a key jurisdiction for our growth strategy and for providing the materials needed for the energy transition.”
The agreement includes the creation of a joint steering committee, made up of senior executives from both companies, which will identify pilot projects and oversee the implementation of the agreed initiatives.
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