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Rio Tinto to invest $900 million in Codelco's lithium project in Chile
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Release time：2025-05-21
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The transaction is expected to be completed by the end of the first quarter of 2026.
Rio Tinto has signed a binding agreement with Codelco, Chile's state-owned copper mining company, to form a joint venture (JV) to develop Chile's Salar de Maricunga lithium project with an investment of up to US\$900 million (\£672.05 million). Located in the Atacama region, the Maricunga salt flat has one of the highest average lithium concentrations in its brine globally. Under the agreement, Rio Tinto will hold a 49.99% stake in Salar de Maricunga SpA by funding research and development costs, while Codelco holds the licenses and mining concessions for the Salar de Maricunga project through this entity. Rio Tinto has committed an initial US\$350 million to further analysis and drive the project to a final investment decision. A further US\$500 million will be invested by Rio Tinto for construction costs once the decision to proceed is made. An additional US\$50 million will be provided if the JV successfully delivers first lithium by the end of 2030. The transaction is expected to close by the end of the first quarter of 2026 (Q1 2026), subject to all necessary regulatory approvals and other standard closing conditions.
Rio Tinto's Chief Executive Jakob Stausholm said: "We are proud to be selected by Codelco as a partner to implement a world-class project at Salar de Maricunga using direct lithium extraction technology, leveraging our expertise as a leading global lithium producer. Developing this significant lithium resource will further enhance the value-accretive growth of our portfolio of critical minerals essential for the energy transition." Codelco is Rio Tinto's strategic partner in Chile, and this agreement builds on their existing copper joint ventures. The aim is to bring significant investment and long-term benefits to the Atacama region while jointly advancing the Maricunga copper and new copper projects, with a focus on responsible and sustainable development, including shared infrastructure and water reduction solutions. The JV will also focus on updating the reported reserves and resources of the project and advancing relevant studies to inform future investment decisions. Both parties will contribute capital in proportion to their ownership percentage.
In addition, the JV will work with local communities to support infrastructure development and will employ advanced mineral extraction and processing technologies. These measures aim to optimize mineral recovery while minimizing environmental impact. Codelco's Chairman Máximo Pacheco stated: "This project continues our strategy of diversifying our lithium resources, which are crucial for the energy transition. Partnering with a world-class player like Rio Tinto is the most attractive option for Codelco and Chile. We are pleased and proud to strengthen our collaboration with such a prestigious company and warmly welcome Rio Tinto as a partner in this important project for Chile." In January 2025, Rio Tinto Group announced plans to create a standalone lithium division following the completion of its US\$6.7 billion acquisition of Arcadium Lithium.
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