Rio Tinto signs JV deals with Codelco for copper exploration in northern Chile - Quick Facts

Rio Tinto plc announced signing of two exploration joint venture agreements with Codelco's subsidiary CCM Los Andes, in Chile. Rio Tinto noted that the two properties to be explored are the Esteli and Paloma prospects in northern Chile.

Rio Tinto said it has the option to earn a 55% interest in each prospect through stand alone exploration investments of US$20 million. The company has the provision to increased its ownership to 60%.

Rio Tinto noted that an exploration drilling programme is currently underway at Exploradora and will be followed by drilling at Paloma this year. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved