Chile – Rio Tinto has been named the preferred partner by Empresa Nacional de Minería (ENAMI), Chile’s state-owned mining company, for the Salares Altoandinos lithium project in the Atacama region.
The announcement positions this potential development as a “world-class lithium project” and strengthens Chile’s standing as a key producer of minerals vital for the energy transition.
Under the terms of the proposal, the partnership would see Rio Tinto initially acquire a 51% stake in the project, with ENAMI retaining the remaining 49%. The finalization of this agreement is subject to signing binding contracts, receiving all necessary regulatory approvals, and meeting other standard closing conditions.
Rio Tinto’s Chief Executive, Jakob Stausholm, expressed honor at being selected by ENAMI and highlighted the potential of the project. He also welcomed the opportunity to deepen the company’s partnership with ENAMI, building on existing interests in Chile.
This move aligns with Rio Tinto’s strategy to build a leading global lithium business focused on commodities for the energy transition. The company notes that following the acquisition of Arcadium Lithium and other developments, it now holds one of the world’s largest lithium portfolios.
Their expanding pipeline in South America complements projects in Canada and Serbia, including:
- Altoandinos – a new partnership with ENAMI in Chile.
- Maricunga – a new joint venture with Codelco, also in Chile, focused on a high-grade resource.
- Existing assets in Argentina, including Rincon, Olaroz, Fenix, Sal de Vida, and Cauchari.
Rio Tinto maintains a positive long-term outlook for lithium demand, forecasting a market deficit by the end of the decade and expecting demand growth of over 10% annually through 2040. The company sees the current lithium price environment, significantly down from peak levels, as providing “substantial long-term market and portfolio upside.”
The company intends to leverage its experience, financial strength, and direct lithium extraction (DLE) technology – citing 28 years of experience – to unlock value. They also emphasize their commitment to environmental and social responsibility, including minimizing freshwater use and studying brine reinjection.
The vision for Chile is to potentially develop a world-class copper and lithium district by leveraging partnerships and synergies.
In Argentina, the focus is on developing existing operations into large-scale, competitive “super-hubs.”
Rio Tinto is a global mining and metals company. It extracts and processes mineral resources, including iron ore, aluminum, copper, diamonds, titanium dioxide, salt, and now increasingly focused on minerals critical for the energy transition, such as lithium.
The company operates across numerous countries and focuses on long-term value creation from its mining and processing operations.
The company is working to finalize binding agreements for the Salares Altoandinos project and will then progress with feasibility studies. The Maricunga joint venture with Codelco, signed earlier, involves significant staged investment from Rio Tinto totaling up to $900 million based on reaching certain project milestones.
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