Codelco has signed a Partnership Agreement with Rio Tinto to jointly develop a lithium project in the Maricunga Salt Flats of Chile. The agreement establishes the terms and conditions for the creation of a joint venture to develop the project. The partnership follows a process initiated in 2024 and has received unanimous approval from Codelco's board of directors.

Partnership Details

The partnership with Rio Tinto will become effective once all necessary legal requirements are met, including consultations with regulatory bodies in Chile and abroad. The closing of the transaction is expected in the March quarter of 2026. The companies have expanded their ties in recent years, signing a collaboration agreement in 2022 focusing on the design, construction, and operation of underground mines.

Under this agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA. It gave Codelco a 50.01% stake, in adherence with the National Lithium Strategy and the conditions established in the CEOL (Lithium Liability Company) submitted by the Ministry of Mining. Together, this joint venture between Codelco and Rio Tinto will define the roadmap for development at Maricunga, which will utilise new, competitive, and sustainable technologies.

Investment Plans

The Rio Tinto will invest around USD 900 million in the lithium project. It will be in three phases: Upon closing, it will invest USD 350 million, USD 500 million upon the final investment decision, and USD 50 million if the joint venture achieves its aim of delivering the first lithium by the end of 2030.

Previous Collaborations

In 2023, Rio Tinto and Codelco agreed to collaborate on exchanging information in areas of mutual interest, such as the electrification of mining activities, the supply of desalinated water, stability and monitoring of tailing deposits, and the development of technologies for the decarbonisation of processes. These collaborations demonstrate the growing relationship between the two companies.

Project Timeline

The project is expected to move forward once the joint venture is formed and all necessary legal requirements are completed. The companies will need to consult with regulatory bodies in Chile and abroad before the partnership can become effective. The expected closing of the transaction in the March quarter of 2026 marks an important milestone in the development of the lithium project. The partnership between Codelco and Rio Tinto represents a significant step forward in the development of the lithium project in Chile's Salar de Maricunga, and the companies are working towards completing all necessary requirements to make the joint venture a reality.

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