The agreements cover the Esteli prospect, which adjoins the Exploradora property in northern Chile, and the Paloma prospect near the El Tesoro mine and the BHP Billiton-operated Spence copper mine.
Rio Tinto (rio.ASX:Quote,News) can earn a 55 per cent interest in each prospect through stand alone exploration investments of $US20 million ($23.92 million), with an option to increase its stake to 60 per cent.
The Exploradora property was the subject of the first joint venture agreement between Rio Tinto, the world’s third largest mining company, and CODELCO.
“We are very pleased to enter into these additional agreements which strengthen Rio Tinto’s relationship with CODELCO and provide access to some of the most prospective copper tenement in the world,” Rio Tinto copper chief executive Bret Clayton said.
The agreements were signed between Rio Tinto and CODELCO subsidiary CCM Los Andes.
Rio Tinto is the subject of a $US140 billion takeover proposal from rival BHP Billiton (bhp.ASX:Quote,News), the world’s largest mining company.
European Union antitrust regulators have requested more information from BHP Billiton on the proposed takeover and put the antitrust probe on hold.
Rio Tinto shares dropped $4.20, or 3.5 per cent to $115.77 by 10.20am (AEST) while BHP Billiton shed 80 cents to $38.49.
