Rio Tinto and Codelco have established a joint venture to develop and operate a lithium project in Chile’s Salar de Maricunga. This collaboration aims to enhance both companies’ roles as key suppliers of materials critical to the global energy transition.
The Salar de Maricunga, located in the Atacama region, is recognized for its substantial lithium resources. The brine from this area boasts one of the highest average lithium concentrations globally, presenting opportunities for scalable, long-term, and cost-effective production.
Under the terms of the agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA, the entity through which Codelco holds its licenses and mining concessions in the region. Rio Tinto’s investment plan includes an initial funding of $350 million to support further studies and resource analysis, progressing the project towards a final investment decision. Should the project move forward, an additional $500 million will be invested to cover construction costs, with these milestones targeted for completion by the end of the decade. Moreover, Rio Tinto will commit $50 million if the joint venture successfully delivers its first lithium production by the end of 2030.
The partnership will address further capital requirements in proportion to each company’s ownership share. The joint venture plans to update the project’s declared reserves and resources and advance studies to guide future investment decisions. Additionally, the collaboration emphasizes engagement with local communities, the development of essential infrastructure such as power and roads, and the implementation of advanced extraction and processing technologies to maximize mineral recovery while minimizing environmental impact.
Rio Tinto Chief Executive Jakob Stausholm said: “We are honoured to be chosen as Codelco’s partner to deliver a world class project using Direct Lithium Extraction technology in the Salar de Maricunga, leveraging our expertise as a leading producer of lithium for the global market. Developing this significant lithium resource will deliver further value-adding growth in our portfolio of critical minerals essential for the energy transition.
“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.”
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. We are happy and proud to strengthen our partnership with a company of Rio Tinto’s prestige, and we warmly welcome it as a partner in this important project for Chile.”
The transaction is expected to be finalized by the end of the first quarter of 2026, pending regulatory approvals and the fulfillment of standard closing conditions. This joint venture represents a strategic move to leverage each company’s strengths and resources to meet the growing global demand for lithium, a key component in electric vehicle batteries and energy storage systems.
Source: Business Wire
