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    Codelco–Rio Tinto Chile projects MoU: delivery and risk insights for engineers

    February 27, 2026|

    Reviewed by Tom Sullivan

    First reported on International Mining – News

    30 Second Briefing

    Codelco and Rio Tinto have signed a Memorandum of Understanding at the BMO Global Metals, Mining & Critical Minerals Conference to create a strategic framework for joint development of major mining investment projects in Chile. The collaboration is aimed at improving project development and execution performance, drawing on both companies’ experience with large-scale copper operations and complex brownfield expansions. For engineers, the move signals potential alignment on project delivery models, risk-sharing structures and technical standards across future Chilean underground and open-pit developments.

    Technical Brief

    • For other Chilean majors, such frameworks may set benchmarks for contracting models and owner–engineer integration.

    Our Take

    Codelco’s parallel involvement in Chile’s new Special Lithium Operation Contracts alongside Rio Tinto, as flagged in the 26 February lithium CEOLs item, suggests this strengthened plan is likely to target both copper and lithium-class critical minerals rather than copper alone.

    In our database, Codelco appears repeatedly in recent Chile pieces focused on digital transformation (with Schneider Electric) and underground development (Chuquicamata, El Teniente), so a JV-style framework with Rio Tinto could help standardise project execution practices across several high-capex critical minerals assets.

    With Chile dominating much of the recent critical minerals coverage in our mining corpus, a formalised development and execution plan between Codelco and Rio Tinto is likely to influence how other operators structure partnerships for state-involved lithium and copper projects in the country.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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