SANTIAGO: Rio Tinto and Chile’s state-owned Corporación Nacional Del Cobre de Chile (“Codeleo”) have signed binding agreements to develop a lithium project in the Salar de Maricunga, a high-grade lithium resource in Chile’s Atacama region. The joint venture aims to strengthen both companies’ roles as key suppliers of materials for the global energy transition.
Under the deal, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA, the entity holding Codeleo’s licenses and concessions. The mining giant will invest $350 million initially for studies and development, followed by $500 million for construction if the project proceeds. An additional $50 million will be allocated if the venture produces its first lithium by the end of 2030.
The Salar de Maricunga brine deposit is among the world’s richest in lithium content, offering potential for scalable, low-cost production. The partners plan to use Direct Lithium Extraction technology to minimize environmental impact, focusing on sustainable development and shared infrastructure.
Rio Tinto CEO Jakob Stausholm called Codeleo a “strategic partner,” citing their existing copper collaborations. Codeleo Chairman Máximo Pacheco said the alliance aligns with Chile’s lithium diversification strategy and praised Rio Tinto’s expertise.
The transaction is expected to close by early 2026, pending regulatory approvals. The venture will also engage local communities and invest in infrastructure like roads and power.