Rio Tinto is joining forces with Chilean miner Codelco to develop the Salar de Maricunga lithium project.
As the global race for battery metals continues, Rio has confirmed it would invest up to $US900 million ($1.4 billion) into Salar de Maricunga.
Under the agreement, Rio Tinto will acquire a 49.99 per cent interest in Salar de Maricunga SpA, through which Codelco holds its licenses and mining concessions.
Rio’s investment will include $US350 million in initial funding towards additional studies and resource analysis, $US500 million in construction funding following a final investment decision, and an additional $US50 million if first lithium is delivered by 2030.
“We are honoured to be chosen as Codelco’s partner to deliver a world-class project using direct lithium extraction technology in the Salar de Maricunga,” Rio Tinto chief executive Jakob Stausholm said.
“Developing this significant lithium resource will deliver further value-adding growth in our portfolio of critical minerals essential for the energy transition.
“Codelco is a strategic partner for Rio Tinto in Chile, with this agreement building on our copper joint ventures.”
This partnership comes after Rio Tinto completed its acquisition of Arcadium Lithium in March 2025, which positioned the major miner as the world’s third largest lithium supplier, only behind Albemarle and Sociedad Química y Minera de Chile S.A. (SQM).
Rio Tinto is now the parent company of Arcadium, which will be renamed to Rio Tinto Lithium.
Rio Tinto Lithium aims to grow the capacity of its Tier 1 assets to over 200,000 tonnes of lithium carbonate equivalent per annum by 2028.
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