Codelco, the world’s largest copper producer, and Rio Tinto $RIO, a leading global mining company, have announced a groundbreaking agreement to develop a new mining district focused on copper extraction. This initiative, centered around their joint venture, Nuevo Cobre, aims to enhance copper production in the Atacama region of northern Chile, a region renowned for its rich mineral resources. The collaboration signifies a major step in the companies’ ongoing efforts to strengthen their position in the global copper market.