Belgrade - Rio Tinto and Chile’s National Copper Corporation, Codelco, have signed an agreement to establish a joint venture for the development and management of a high-quality lithium project in the Salar de Maricunga region of Chile. This agreement marks the next step in a broader strategic partnership aimed at further strengthening the positions of Rio Tinto and Codelco in the global supply chain of critical raw materials essential for the energy transition.

Salar de Maricunga is a major lithium deposit in the Atacama region, with exceptional potential for long-term and profitable production, and is known for having one of the highest lithium concentrations in brine in the world.

Under the agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA, the company through which Chilean state-owned Codelco holds licenses and mining permits in the area. This transaction will be carried out through the financing of studies and project development costs.

Rio Tinto plans to invest $350 million in additional studies and resource analysis before making a final investment decision to initiate mining activities. If a positive investment decision is made, the company will commit an additional $500 million toward building mining infrastructure. These activities could begin by the end of this decade, depending on the outcome of further analysis. Should the joint venture meet its targets and deliver first lithium volumes by the end of 2030, Rio Tinto will make an additional $50 million investment.

Both companies will continue to jointly finance all future project requirements in line with their ownership shares.

“We are honored that Codelco has chosen us as their partner on this highly significant project, which will utilize state-of-the-art direct lithium extraction technology in the Salar de Maricunga. We will rely on our extensive experience as one of the world’s leading lithium producers. The development of this important deposit will further strengthen our portfolio of critical minerals essential for the energy transition. Codelco is a strategic partner for us in Chile, and this new partnership builds on our existing joint copper ventures. We are committed to contributing to the development of the Atacama region through a responsible and sustainable approach, shared infrastructure, and solutions that will minimize water usage”, said Rio Tinto CEO Jakob Stausholm.

Codelco Chairman Máximo Pacheco said the project is part of a broader strategy to diversify into lithium, which plays a key role in the energy transition, adding:

“With Rio Tinto, we have a world-class partner who represents the most reliable and attractive option for both Codelco and Chile. We are proud to strengthen our partnership with Rio Tinto and warmly welcome them as partners in this important project for our country.”

The joint venture will work on updating lithium reserve and resource data and conducting additional studies that will serve as a basis for future investment decisions. The project will also be committed to active collaboration with local communities, supporting infrastructure development such as electricity networks and roads, and applying advanced technologies to efficiently utilize resources while minimizing environmental impact.

The transaction is expected to be completed by the end of the first quarter of 2026, pending regulatory approvals and the fulfillment of customary conditions.