Rio Tinto and Codelco have signed a binding agreement to co-develop a lithium project in Chile’s Salar de Maricunga. This partnership aims to support the global energy transition and strengthen Chile’s role as a key lithium producer.
Investment Secures Lithium Supply for Energy Transition
Rio Tinto will acquire a 49.99% stake in Salar de Maricunga, which is currently managed by Codelco. The brine-rich Salar de Maricunga, located in the Atacama region, holds one of the world’s highest lithium concentrations.
To begin, Rio Tinto will invest $350 million to fund technical studies and resource analysis. If the project proceeds, the company plans to invest another $500 million for construction. A further $50 million will follow if lithium production starts by 2030.
This agreement provides both companies with a major foothold in low-cost, scalable lithium extraction. Furthermore, it strengthens Chile’s critical minerals strategy, especially as global demand for lithium surges.
Joint Focus on Responsible Mining and Community Benefits
Both Rio Tinto and Codelco will fund future capital needs based on their ownership share. Together, they will update lithium reserves and improve project design. Notably, the team will focus on sustainable technologies that reduce water use and lower environmental impact.
Codelco Chairman Máximo Pacheco said the partnership supports Codelco’s lithium diversification plan. He also highlighted Rio Tinto’s value as a world-class partner committed to responsible development.
Meanwhile, Rio Tinto CEO Jakob Stausholm emphasized the broader regional benefits. He noted that the joint venture will bring jobs and infrastructure to the Atacama region. Importantly, it will also reinforce Chile’s leadership in the global clean energy supply chain.
The project team will work closely with local communities, prioritizing shared infrastructure and long-term sustainability. They will also use advanced mineral recovery and brine re-injection methods to reduce environmental harm.
Pending regulatory approval, the transaction is expected to close by the end of Q1 2026. For more updates on lithium markets and critical minerals, visit SuperMetalPrice.
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