Rio Tinto and Empresa Nacional de Minería (ENAMI) have signed a binding agreement to form a joint venture for the Salares Altoandinos lithium project in Chile’s Atacama region. The agreement follows Rio Tinto’s designation on May 23 as ENAMI’s preferred development partner for the project. Under the terms, Rio Tinto will acquire a 51% interest in the venture and contribute up to $425 million in cash and non-cash resources, including its Direct Lithium Extraction (DLE) technology. The cash contributions will fund the pre-feasibility study and subsequent technical assessments, with expenditures staged in alignment with investment stage-gates through the study phases. ENAMI will retain the remaining 49% equity interest in the project. Completion of the transaction is anticipated in the first half of 2026, subject to receipt of regulatory approvals and customary closing conditions.
Rio Tinto Minerals Chief Executive Sinead Kaufmann said: “We are continuing to execute our strategy of building a world-class lithium portfolio to position Rio Tinto as a global leader in the responsible supply of critical minerals essential to the energy transition. The Salares Altoandinos project represents a significant opportunity to develop a large-scale, long-life, low-cost lithium brine resource. We are committed to the highest environmental standards and to ensuring any potential development is guided by transparent, respectful, and ongoing engagement with local communities in Chile’s Atacama region.”
The joint venture will leverage Rio Tinto’s extraction technology and ENAMI’s local experience to advance feasibility studies, validate resource estimates, and optimize the zero-carbon footprint potential of lithium production. As global demand for battery-grade lithium intensifies, the partners aim to deliver a sustainable supply of critical minerals to support electric vehicles and renewable energy storage markets.
Source: Rio Tinto
