Rio Tinto has signed binding agreements with Chilean state-owned copper mining company Codelco to establish a joint venture (JV) to develop the Salar de Maricunga lithium project in Chile by investing up to $900m (£672.05m).
Salar de Maricunga is located in the Atacama region, with its brine estimated to contain one of the highest average lithium content grades globally.
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Under the terms of the agreement, Rio Tinto will hold a 49.99% stake in Salar de Maricunga SpA, the entity through which Codelco holds its licences and mining concessions in the Salar de Maricunga project, by funding studies and development expenses.
Rio Tinto has committed to initial funding of $350m into the company to conduct further analysis and advance the project towards a final investment decision.
Upon the decision to proceed with the project, Rio Tinto will invest an additional $500m towards construction costs.
Another $50m will be provided if the JV succeeds in delivering the first lithium by the end of 2030.
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By GlobalDataThe transaction is expected to be finalised by the end of the first quarter of 2026 (Q1 2026), pending all necessary regulatory approvals and the fulfilment of other standard closing conditions.
Rio Tinto CEO 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.”
The JV will also focus on updating the declared reserves and resources for the project and advancing studies to inform future investment decisions. Both partners will contribute to capital requirements proportionate to their ownership stakes.
Furthermore, the JV will engage with local communities, support infrastructure development, and employ advanced technologies for mineral extraction and processing. These efforts are designed to optimise mineral recovery while minimising 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. 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.”
In January 2025, Rio Tinto announced plans to establish a stand-alone lithium division following the completion of its $6.7bn acquisition of Arcadium Lithium.
