Codelco–Rio Tinto Strategic Partnership Targets Faster Mining Development

Codelco and Rio Tinto formalized a strategic mining partnership in early 2026, with the two companies signing a Memorandum of Understanding at the BMO Global Metals, Mining & Critical Minerals Conference on February 27, 2026 that was formally ratified and extended in May 2026. The partnership focuses on accelerating project timelines, optimizing costs, and strengthening ESG integration across major Chilean mining projects. Rio Tinto committed $900 million to lithium development, with focus on the Salar de Maricunga lithium project and the Nuevo Cobre copper region. Chile's antitrust regulator (FNE) separately approved Codelco's coordination plan with Anglo American at the Andina–Los Bronces copper project, enabling joint planning and efficiency gains. Together, the partnerships mark a significant expansion of Codelco's strategic role as the state-owned company under the Kast administration moved to accelerate production expansion while maintaining the state's majority position.