Rio Tinto has signed two exploration joint venture agreements with Codelco’s (100% owned subsidiary, CCM Los Andes, in Chile. These agreements follow the first exploration joint venture agreement signed between Rio Tinto and Codelco (the world’s largest copper producer) in January 2008. The new properties to be explored are the Esteli and Paloma prospects in northern Chile. Esteli adjoins the Exploradora property, which was subject to the first joint venture agreement, while the Paloma property is located close to the copper mines at Spence and El Tesoro. An exploration drilling programme is currently underway at Exploradora and will be followed by drilling at Paloma this year.

Rio Tinto has the option to earn a 55% interest in each prospect through stand alone exploration investments of $20 million. The agreements include provisions to increase Rio Tinto’s ownership to 60%. “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,” said Bret Clayton, CEO of Rio Tinto Copper.

Rio Tinto has been exploring in Chile since 1989 and has several additional copper exploration properties under title which are scheduled for drill-testing in 2008.