Rio Tinto and Empresa Nacional de Minería (ENAMI), a state-owned Chilean mining company, have signed a binding agreement to form a joint venture for the Salares Altoandinos lithium project in the Atacama region of Chile. This follows Rio Tinto’s earlier announcement on May 23 regarding its nomination as the preferred partner for this project.
Under the terms of the agreement, Rio Tinto will acquire a controlling 51% interest in the project. The company has committed up to $425 million in cash and non-cash contributions, including its Direct Lithium Extraction (DLE) Technology. The financial contributions will be allocated towards funding pre-feasibility studies and further assessments as the joint venture progresses through various investment stages.
The transaction is anticipated to close in the first half of 2026, pending regulatory approvals and customary closing conditions.
Sinead Kaufmann, Chief Executive of Rio Tinto Minerals, stated: “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.”
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