US EditionRio Tinto Strikes Near $1bn Deal in Chilean Lithium Project
- On Monday, Chile’s state-owned copper company Codelco revealed a collaboration with Rio Tinto, a British-Australian mining firm, to develop lithium extraction operations at the Maricunga salt flat.
- The deal responds to rising global demand for lithium, a key battery ingredient, as companies seek access to the Lithium Triangle's abundant deposits in Chile, Argentina, and Bolivia.
- Rio Tinto plans to spend $900 million to purchase a 49.99% interest in the joint venture Salar Maricunga SpA, while Codelco will maintain majority ownership with a 50.01% share.
- Maximo Pacheco, leading Codelco, indicated that the new project supports the company's efforts to diversify, noting that all of Chile’s lithium is currently sourced from the Atacama salt flat, with the initiative planned to be completed by March 2026.
- The partnership supports Chile's 2023 plan to boost mineral output via public-private partnerships and indicates growing competition to secure lithium amid its critical role in electric vehicles.
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Chile's Codelco Partners with Rio Tinto for Strategic Lithium Development
Chile’s state-owned Corporación Nacional del Cobre (Codelco) announced Monday its selection of Anglo-Australian mining giant Rio Tinto as partner for developing the Salar de Maricunga lithium project in northern Chile. The partnership agreement establishes terms for a joint venture that positions Chile to expand its role in the global lithium market. Under the deal, Rio […]
Codelco ended the suspension and finally announced Rio Tinto as its strategic partner to exploit lithium in the Maricunga salt flat. The agreement contemplates the creation of a joint company controlled in 50.01% by the Chilean state and 49.99% by the private mining company, which will invest $ 900 million.Rio Tinto is not an ordinary company. It is the second largest mining conglomerate in the world, with more than 60 thousand collaborators dis…
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