Rio Tinto is investing up to $900 million in Chile’s lithium sector, partnering with state-owned Codelco to develop the Salar de Maricunda brine project in the Atacama region. As part of the joint venture, Rio Tinto will hold a 49.99% stake and appoint two of the five board members.
The company has committed $350 million for initial studies and resource analysis, with an additional $500 million allocated for construction after a final investment decision, expected before the end of the decade. If the project delivers lithium by 2030, Rio will provide an extra $50 million. Capital needs will be met in proportion to each partner’s stake.
Codelco acquired Lithium Power International last year to strengthen its presence in Maricunda, which holds one of the world’s highest lithium concentrations. Rio Tinto aims to leverage its experience in lithium production and direct extraction technology to support the global energy transition.
With existing copper projects in Chile and recent lithium expansions in Argentina and Serbia, Rio Tinto continues diversifying its critical mineral portfolio. Codelco expects the transaction to close by Q1 2026, citing Rio’s strong financial position and expertise as key reasons for its selection.
