There is provided a machining assembly and cutting insert for machining metal or like workpieces, wherein the cutting insert body has a cutting end. The cutting end comprises at least one cutting edge and at least one cutting lip formed adjacent the at least one cutting edge. The at least one cutting lip includes at least one cutting protrusion and associated chip cutting edge to split the chip formed by the at least one cutting edge, for producing chips during machining which are of a width that is sufficiently reduced to allow proper evacuation or removal.