Summary:Codelco and Pucobre set up joint venture to develop Tovaku copper mine in Chile, targeting 46000 t/y copper cathode output from 2030 under public‑private cooperation....

Regional tenement location map for Tovaku copper mine, Antofagasta Region northern Chile

Codelco and Pucobre have formally established a joint venture to advance the Tovaku copper mine, marking a major public‑private mining cooperation for new copper supply in northern Chile. Located roughly 70 km east of Tocopilla within the Antofagasta Region, the Tovaku copper mine will be managed under the newly‑formed Minera Puntilla S.A., extending a long‑term partnership first launched back in 2009CODELCO. Pucobre holds a 60 percent controlling stake in the JV, while Codelco retains 40 percent ownership by contributing mining concessions for the asset.

This cooperation delivers a practical model for Chile’s state‑owned mining strategy. Codelco provides mineral rights while Pucobre brings completed technical studies and takes charge of financing for detailed engineering, permitting and early‑stage site construction. The arrangement lets Codelco secure project exposure without upfront capital expenditure, and enables Pucobre to leverage world‑class mineral endowments from the national copper champion. The partners will move forward with environmental permitting, major equipment procurement and pre‑construction works, with the official production target set for 2030.

Tovaku is designed as an open‑pit copper operation with shallow mineralisation, adopting seawater‑based processing to reduce freshwater consumption in the arid Atacama desert area. For global copper markets, the new project will deliver incremental copper cathode supply at a time when global copper demand keeps rising driven by energy transition infrastructure. Industry analysts note that more public‑private mining partnerships are expected across Chile, as state‑held mineral assets seek private capital and operational expertise to unlock new production capacity.

Even with JV formalised, Tovaku still needs to complete full environmental approval and pre‑construction due diligence before major construction kicks off. Pucobre will carry most financing responsibilities through development and build phases, and investment costs will be recovered via future project revenue distributions. Both parties emphasise local community engagement and sustainable operation as core requirements throughout the whole project lifecycle.

The Tovaku copper mine JV highlights how collaboration between state‑owned and private miners can accelerate new copper output in Chile. By combining Codelco’s mineral asset base and Pucobre’s execution and financing capability, the project adds a long‑life copper asset to global supply chains, supporting growing demand for copper used in renewables and electric‑vehicle infrastructure.