Mining big Rio Tinto (ASX, LON: RIO) and Chilean state copper miner Codelco created on Wednesday the Nuevo Cobre (New Copper) three way partnership to discover and probably develop the corporate’s belongings within the nation’s northern Atacama area.

The deal, inked in Tokyo by Rio Tinto chief government Jakob Stausholm and Codelco chairman Máximo Pacheco, brings collectively the 2 firms’ complementary expertise and capabilities, they mentioned.

Rio Tinto additionally introduced it had accomplished the acquisition of Pan American Silver‘s (TSX, NYSE: PAAS) stake in Agua de la Falda (ADLF) property, which holds the historic Jeronimo mission within the Atacama area and several other adjoining concessions.

Rio’s acquisition of a a 57.74% stake in ADLF paves the way in which for the businesses to kick off their joint exploration work on the asset, because the Chilean miner has the remaining 42.26%.

Agua de la Falda has beforehand been explored for valuable metals with minimal trendy exploration for copper. Rio Tinto’s research signifies it’s potential for brand new copper discoveries, which can now be the main target of the three way partnership with Codelco.

“Chile is without doubt one of the most vital sources of the copper and different essential minerals the world must ship the vitality transition and obtain web zero,” Stausholm mentioned. “With this partnership, we’re bringing collectively Codelco’s second-to-none experience and native data and our world monitor document in exploration.”

The partnership builds on a collaboration settlement between the 2 firms signed final 12 months, which aimed toward encouraging improvements and know-how to enhance security, productiveness and environmental, social and governance (ESG) outcomes in underground mining.