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“This landmark agreement combines the strengths of two highly experienced copper producers,” said Bret Clayton, chief executive, Copper, Rio Tinto. “Together, we hope to unlock value from a highly prospective copper belt in the biggest copper producing country in the world. We look forward to a long and deepening relationship with CODELCO.”
The property to be explored is the Exploradora prospect in northern Chile. Rio Tinto has the option to earn a 55% interest in the prospect through an exploration investment of $20 million, with the potential to increase ownership to 60%.
Rio Tinto has been exploring in Chile since 1989 and has several copper exploration properties under title that are scheduled for drill testing in 2008.
For more information, e-mail firstname.lastname@example.org or visit www.riotinto.com.