Rio Tinto is doubling down on its lithium ambitions in Chile. Just days after announcing a joint venture with Codelco for the Maricunga Salar project, the Chilean National Mining Company Enami confirmed that Rio Tinto has been selected as the operating partner for its Salares Altoandinos lithium project.
Located in the Atacama Region, this project boasts more than 15 million metric tons of lithium carbonate equivalent (LCE) across the Aguilar, La Isla, and Grande salars — making it the largest greenfield lithium resource in Chile. Subject to further studies, production could reach 75,000 metric tons of LCE per year.
The project will utilize Direct Lithium Extraction (DLE) technology, significantly reducing environmental impact and preserving the hydrological balance of the salt flats.
“Enami has been actively advancing Chile’s National Lithium Strategy, and this partnership crowns a process launched in May 2024 through an open call involving world-class companies,” said Enami Executive VP Iván Mlynarz. “After thorough evaluation, Rio Tinto presented the highest value proposition.”
Rio Tinto’s commitment includes financing through project development, a feasibility study, and a US$425 million package comprising cash contributions, access to its Rincón pilot plant in Argentina, and proprietary DLE technology licensing.
CEO Jakob Stausholm remarked, “It’s an honor to be selected by Enami. Salares Altoandinos has the potential to become a world-class lithium asset and reinforces Chile’s role in the global energy transition.”
The public-private partnership grants Enami a 49% initial stake, shared corporate governance, and two board seats out of five. The process was led by Javiera Estrada (Legal), Jerónimo Verdugo (Lithium Superintendent), and Nicolás Pacheco (Enami Lithium GM), with legal and financial advice from Carey y Cía. and Asset Chile.
National Impact and Community Benefits
If production and market conditions align, the project is expected to generate over US$15 billion in economic value throughout its lifecycle. This includes revenues from Chile’s Special Lithium Operation Contract (CEOL), contributions to the national treasury, regional governments, municipalities, R&D, and agreements reached with indigenous communities during a consultation process finalized in December 2024.
“This partnership ensures environmental standards, community respect, and regional development. It’s a milestone for Atacama and Chile,” concluded Mlynarz.
Further reading:
Codelco and Rio Tinto Form Strategic Lithium Alliance for Salar de Maricunga
Codelco and Rio Tinto Advance Joint Development of Nuevo Cobre Mining District in Atacama