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Rio Tinto (RIO) and Corporacion Nacional Del Cobre de Chile, or Codelco, have signed binding agreements to form a joint venture to develop and operate a high-grade lithium project in the Salar de Maricunga in Chile. Under the agreement, Rio Tinto will acquire a 49.99% interest in Salar de Maricunga SpA, through which Codelco holds its licenses and mining concessions in the Salar de Maricunga, by funding studies and development costs. Rio Tinto will invest: $350M of initial funding into the company towards additional studies and resource analysis to progress the project through to a final investment decision. $500M into the company once a decision is made to proceed with the project, towards construction costs. These milestones, subject to further studies, are targeted to occur before the end of the decade. $50M into the company if the joint venture achieves its aim of delivering first lithium by the end of 2030. The partners will fund further capital requirements in line with their share of ownership of the joint venture. 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. The joint venture will focus on deep engagement with the local communities, supporting the development of infrastructure such as power and roads, and applying leading extraction, processing and re-injection technologies to the project to maximise the recovery of minerals and minimise its environmental footprint. The transaction is expected to close by the end of the first quarter of 2026, subject to receipt of all applicable regulatory approvals and the satisfaction of other customary closing conditions.

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