The chief executives of Rio Tinto and Codelco have announced the formation of Rio de Cobre a technology alliance agreement.

The new alliance allows both companies to jointly pursue next generation copper mining and processing technology development. The aim is to deliver safer, more energy efficient and lower cost of production from both current and next generation open cut and deep underground mines whilst operating with a lower a overall environmental impact.

Governed by an independent chair and vice chair, Río de Cobre will pursue step change technology development in the areas of Surface Mining, Underground Mining and Copper Mineral Recovery.

Mr Tom Albanese CEO of Rio Tinto said that "I am delighted that we have entered into the Río de Cobre alliance with CODELCO. Combining the Rio Tinto Mine of the FutureTM effort with the industry renowned copper technology expertise of CODELCO positions both of our companies to best confront the challenges posed by the increasing demand for copper."

Mr Jose Pablo Arellano CEO of CODELCO said that "CODELCO as leader of the copper mining industry is pleased in signing the Rio de Cobre Alliance with Rio Tinto. This initiative will make possible technological collaboration to meet the challenges in underground mining. Our companies have the experience and expertise to innovate in order to face these challenges in a competitive manner."