Rio Tinto has been confirmed as the preferred partner for the Salares Altoandinos lithium project in Chile’s Atacama region by Empresa Nacional de Minería (ENAMI), the state-owned Chilean mining company.
The announcement marks a significant milestone in Rio Tinto’s strategy to expand its global lithium portfolio and support the energy transition with critical minerals.
Under the proposed terms, Rio Tinto will acquire an initial 51 per cent stake in the Salares Altoandinos project, with ENAMI retaining the remaining 49 per cent.
The transaction is subject to the signing of binding agreements, regulatory approvals, and other customary closing conditions.
The Salares Altoandinos project is the largest greenfield lithium resource in Chile, confirmed to contain 3.05 million tonnes of lithium, increasing Chile’s total lithium resources by 28 per cent.
The project is located in the mineral-rich Atacama region, part of South America’s “Lithium Triangle,” renowned for its high-grade, low-cost lithium brine deposits.
Rio Tinto Chief Executive Jakob Stausholm said: “We are honoured to have been selected by ENAMI as the preferred partner for the Salares Altoandinos project, which has the potential to be a world-class lithium development.
“We welcome the opportunity to develop our partnership with ENAMI, building on our interests in Nuevo Cobre and Salar de Maricunga, and to support Chile’s position as one of the world’s leading producers of minerals critical to the energy transition.”
The partnership will see Rio Tinto invest approximately US$425 million in cash and non-cash resources, including its proprietary direct lithium extraction (DLE) technology, to fund feasibility studies and early development phases.
If the project advances to construction, Rio Tinto has committed an additional US$500 million, with a further US$50 million contingent on achieving first lithium production by the end of 2030.
This collaboration builds on Rio Tinto’s growing South American lithium pipeline, which includes recent partnerships in Chile and Argentina and follows its US$6.7 billion acquisition of Arcadium Lithium.
The company’s strategy leverages shared infrastructure, operational excellence, and a strong focus on environmental stewardship, including water conservation and brine reinjection studies to minimise the environmental impact of lithium extraction.
The Salares Altoandinos partnership is expected to strengthen Chile’s position as a leading supplier of minerals essential for the global energy transition, while also providing Rio Tinto with a strategic foothold in one of the world’s most promising lithium regions.
