Codelco, Rio Tinto sign early agreement to weigh investments

SANTIAGO, Feb 26 (Reuters) - Chile's Codelco, the world's largest copper producer, and miner Rio Tinto RIO.AX signed a memorandum of understanding on Thursday to explore development and investment opportunities.

• The companies agreed to form a joint steering committee of senior executives to identify pilot projects and oversee initiatives.

• The agreement focuses on project management, operational standards and supply chain coordination.

• Rio Tinto already partners with the Chilean state-owned company in the Nuevo Cobre copper project and lithium development at the Maricunga salt flat.

• Codelco has been pursuing partnerships with international mining companies to help fund its capital-intensive expansion projects.