BNamericas reported that Chile's state copper miner Codelco has signed an agreement with Ecuador's mines and oil ministry to start exploring the south central portion of the country.

The agreement grants Codelco the right to explore the area for 4 years and is open for renewal. Codelco will be allowed to explore rights that today are in the hands of the state and will receive aid from the government. In exchange, Codelco will share its mining knowledge and provide roughly USD 1 million for exploration.

If Codelco finds attractive mineralization, it will form a JV company with Ecuador's national mining company, which was formed as part of the country's new mining law. Codelco reached an agreement to be the operator of the JV.

Codelco added that it is has been examining several countries in Latin America for exploration, particularly in the Andean zone of South America, especially Ecuador.

(Sourced from www.bnamericas.com)