Rio Tinto is expanding its lithium portfolio, forming a joint venture to develop the Salares Altoandinos lithium project in the Atacama region of Chile.
The company will link up with state-owned Chilean mining company Empresa Nacional de Minería at the project, with a binding agreement signed this week.
This follows on from Rio Tinto’s confirmation as the preferred partner on the project. The major miner was selected after a competitive negotiation phase that also involved BYD Chile SpA, Eramet Chile SA and POSCO Australia.
Rio Tinto has agreed to acquire a controlling 51 per cent stake in the project and will provide up to $425 million in cash and non-cash contributions to its success. Funding will support Salares Altoandinos’ pre-feasibility study, while Rio will also apply its direct lithium extraction technology at the project.
The transaction is expected to close in the first half of 2026, subject to a range of regulatory approvals and other conditions.
Rio Tinto Minerals chief executive officer Sinead Kaufmann said the joint venture would help the company build a “world-class” lithium portfolio and position it as a global leader in the responsible supply of critical minerals.
“The Salares Altoandinos project represents a significant opportunity to develop a large-scale, long-life, low-cost lithium brine resource,” she said.
“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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