Rio Tinto and Codelco have agreed to form a joint venture to develop a lithium project in Chile’s Salar de Maricunga. The agreement aims to enhance both companies’ roles as key suppliers of materials for the global energy transition.
Salar de Maricunga, located in the Atacama region, is known for its high-grade lithium resources. Rio Tinto will acquire a 49.99% interest in Salar de Maricunga SpA by funding studies and development costs. The company plans an initial investment of $350 million for further studies and resource analysis, followed by $500 million if the project proceeds to construction. An additional $50 million will be invested if the joint venture achieves its goal of delivering first lithium by 2030.
Jakob Stausholm, Chief Executive of Rio Tinto, stated: “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.”
Codelco Chairman Máximo Pacheco commented: “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.”
The joint venture will update reserves and resources for future investment decisions while engaging with local communities and developing infrastructure such as power and roads. It also plans to apply advanced extraction technologies to minimize environmental impact.
The transaction is expected to close by early 2026 after receiving regulatory approvals.
