Rio Tinto and Codelco have formalized a joint venture to develop a lithium project in Chile’s Salar de Maricunga. Rio Tinto will acquire a 49.99% stake by funding studies and development costs, with the transaction expected to close by Q1 2026, pending regulatory approvals. Rio Tinto will invest an initial $350 million for studies and resource analysis, with a further $500 million earmarked upon a decision to proceed with construction, and $50 million if first lithium is delivered by 2030.
The partnership seeks to capitalize on the growing global demand for lithium, driven by electric vehicle adoption and battery energy storage. Rio Tinto’s CEO, Jakob Stausholm, emphasized the investment’s potential to benefit the Atacama region through sustainable development and minimized water usage. Codelco’s Chairman, Máximo Pacheco, highlighted the project’s importance in diversifying the company’s lithium strategy. Global lithium demand is projected to increase by almost 13% annually until 2030. Despite Chile’s increasing lithium extraction, its global share is expected to decrease to 15% by 2030 from nearly 24% in 2024.
