Miami, February 25, 2026 - Codelco and Rio Tinto signed a Memorandum of Understanding (MoU) that establishes a framework for strategic collaboration to explore joint opportunities aimed at improving the development and execution of large 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, with a focus on accelerating timelines, optimizing costs, strengthening the integration of ESG criteria and enhancing the transfer of capabilities and knowledge.

“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,” said Máximo Pacheco, Chairman of the Board of Codelco.

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.

“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 supplying the materials needed for the energy transition,” said Rio Tinto CEO Simon Trott.

The governance of 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.

Codelco