Multinational mining company, Rio Tinto, has signed a binding agreement with the state-owned Chilean mining company Empresa Nacional de Minería (ENAMI) to form a joint venture to develop the Salares Altoandinos lithium project in the Atacama region. This follows the company being nominated as the preferred partner for the project on 23rd May.
Rio Tinto has agreed to acquire a controlling 51% interest in the project, and ENAMI the other 49%. It would also provide up to $425 million in both cash and non-cash contributions, which includes the company’s direct lithium extraction (DLE) technology.
The firm said its cash contributions include staged spending to sole fund the pre-feasibility study for the project and any further studies. This would be subject to whether the joint venture progressed through the investment stage-gates.
The transaction is expected to close in the first half of 2026, if the regulatory approvals are received and other customary closing conditions are met.
ENAMI said the Salares Altoandinos project would generate more than $15 billion for the country throughout its life cycle if the productive and market conditions are met.
Sinead Kaufmann, minerals chief executive, Rio Tinto, said, “We are continuing to execute our strategy of building a world-class lithium portfolio to position Rio Tinto as a global leader in the responsible supply of critical minerals essential to the energy transition. The Salares Altoandinos project represents a significant opportunity to develop a large-scale, long-life, low-cost lithium brine resource. 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.”
Image: (L-R) Elias Scafidas, general manager of battery materials at Rio Tinto; Soledad Jeria the country head Chile, Rio Tinto; Iván Mlynarz, executive vice president of ENAMI; and Javiera Estrada, finance at ENAMI. Credit: ENAMI.
