Rio Tinto to form JV with Codelco for Chile lithium project

The news: Mining giant Rio Tinto has agreed to form a joint venture with Chile’s state-owned Corporacion Nacional Del Cobre de Chile (Codelco) to develop and operate a lithium project at Salar de Maricunga.

The numbers: Under the deal, Rio will acquire a 49.99% interest in the Salar de Maricunga SpA, through which Codelco holds its licenses and mining concessions in the region. It will invest up to USD900 million ($1.4 billion) in the JV, by way of initial funding and further development and construction costs. The transaction is expected to close by the end of the first quarter of 2026.

The context: The partners will fund further capital requirements in line with their share of ownership of the joint venture, which aims to deliver first lithium by the end of 2030. Rio Tinto chief executive Jakob Stausholm said developing the significant lithium resource at Salar de Maricunga will deliver further value-adding growth in its portfolio of critical minerals essential for the energy transition. Rio Tinto already holds copper joint ventures in Chile with Codelco.