Rio Tinto partners with Codelco to develop lithium project

The agreement is the next step in a broader strategic partnership to strengthen both Rio Tinto’s and Chile’s positions as leading suppliers of materials for the global energy transition.

Salar de Maricunga is a large lithium-containing resource base in the Atacama region with the potential for scalable, long-life, and low-cost production. Its brine has one of the highest average grades of lithium content in the world.

Under the agreement, Rio Tinto will acquire a 49.99% interest in Salar de Maricunga SpA, through which Codelco holds its licenses and mining concessions in the Salar de Maricunga1, by funding studies and development costs.

Rio Tinto will invest:

• US$350 million, of initial funding into the company towards additional studies and resource analysis to progress the project through to a final investment decision.
• US$500 million into the company once a decision is made to proceed with the project, towards construction costs.These milestones, subject to further studies, are targeted to occur before the end of the decade.
• US$50 million into the company if the joint venture achieves its aim of delivering first lithium by the end of 2030.
• The partners will fund further capital requirements in line with their share of ownership of the joint venture.

The joint venture will focus on deep engagement with the local communities, supporting the development of infrastructure such as power and roads, and applying leading extraction, processing, and re-injection technologies to the project to maximise the recovery of minerals and minimise its environmental footprint.

The transaction is expected to close by the end of 1Q26, subject to receipt of all applicable regulatory approvals and the satisfaction of other customary closing conditions.

Jakob Stausholm, Chief Executive Officer of Rio Tinto, said:

“We are honoured to be chosen as a partner with Codelco to develop a world-class project using direct lithium extraction technology at the Salar de Maricunga, leveraging our expertise as a leading lithium producer for the global market. The development of this significant lithium resource will generate further growth and added value for our portfolio of critical minerals, essential for the energy transition.”

Read the article online at: https://www.globalminingreview.com/finance-business/20052025/rio-tinto-partners-with-codelco-to-develop-lithium-project/