Rio Tinto and Empresa Nacional de Minería (ENAMI), a state-owned Chilean mining company, have entered into a binding agreement to establish a joint venture (JV) to develop the Salares Altoandinos lithium project in the Atacama region of Chile.
The vast potential of the Atacama region is expected to result in the development of a world-class copper and lithium district, pending further studies.
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In August 2024, ENAMI shortlisted six companies – BYD Chile, CNGR Advanced Material, Eramet Chile, LG Energy Solution, POSCO and Rio Tinto for the development of the Altoandinos lithium project.
Following a thorough evaluation process, Rio Tinto was confirmed as the preferred partner for this initiative in May.
As part of the JV proposal, Rio Tinto has committed to acquiring a controlling 51% interest in the project, with ENAMI holding the remaining 49%.
Rio Tinto will provide up to $425m in cash and non-cash contributions, which will include its direct lithium extraction (DLE) technology.
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By GlobalDataThe cash contributions from Rio Tinto will encompass staged spending to solely fund the pre-feasibility study and subsequent studies, contingent upon the JV successfully progressing through investment stage gates.
The transaction is scheduled to close in the first half of 2026, pending the receipt of all applicable regulatory approvals and the fulfilment of other 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.”
