Rio Tinto and Corporación Nacional Del Cobre de Chile (Codelco) have entered into binding agreements to establish a joint venture for the development and operation of a lithium project in Chile’s Salar de Maricunga.
This alliance aims to bolster both Rio Tinto’s and Chile’s positions in the global energy transition supply chain.
The Salar de Maricunga, located in the Atacama region, is recognised for its substantial lithium reserves, offering scalable and low-cost production potential. The brine in the area is claimed to possess one of the highest concentrations of lithium globally.
Under the terms of the agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga, the entity through which Codelco manages its licenses and mining concessions in the area. This acquisition will involve Rio Tinto financing studies and development costs.
Rio Tinto has committed to an initial investment of $350m in the company to support further studies and resource analysis, advancing the project towards a final investment decision.
Upon proceeding with the project, an additional $500m will be allocated for construction expenses, with these milestones expected to be reached by the end of the decade. An additional $50m will be invested if the joint venture successfully delivers its first lithium output by 2030.
Rio Tinto chief executive Jakob Stausholm said: “Codelco is a strategic partner for Rio Tinto in Chile, with this agreement building on our copper joint ventures.
“We aim to bring significant investment and long-term benefits to the Atacama region as we advance Maricunga and Nuevo Cobre together, with a focus on responsible sustainable development including shared infrastructure and solutions to minimise water usage.”
Both partners will contribute to additional capital requirements proportionate to their ownership in the joint venture. The collaboration will focus on updating the project’s declared reserves and resources and advancing studies to guide future investment decisions.
The joint venture plans to engage closely with local communities, support infrastructure development like power and roads, and utilise advanced extraction, processing, and re-injection technologies to optimise mineral recovery and reduce environmental impact.
Codelco chairman Máximo Pacheco said: “This project continues our lithium diversification strategy, which is essential for the energy transition, with a world-class partner in Rio Tinto that represents the most attractive option for Codelco and the country.”
The transaction is anticipated to conclude by the end of Q1 2026, pending regulatory approvals and standard closing conditions.
