Posted on 26 May 2025
Rio Tinto is advancing its lithium business with a new joint venture in Chile to develop the Salares Antoandinos project in the Atacama region, Kallanish reports.
The Anglo-Australian miner has been selected as the preferred partner for the lithium brine joint venture with state-owned Enami. Rio Tinto says it’s focused on “advancing towards binding agreements as quickly as possible.”
The plan is for Rio to hold a 51% stake in the joint venture, and provide $425 million in cash and non-cash contributions. These include direct lithium extraction (DLE) technology, as well as staged spending for the pre-feasibility study and further studies before a final investment decision can be made.
“We welcome the opportunity to develop our partnership with Enami, building on our interests in Nuevo Cobre and Salar de Maricunda, and to support Chile’s position as one of the world’s leading producers of minerals critical to the energy transition,” says Rio’s ceo Jakob Stausholm.
The news follows an earlier JV announcement with state-owned Codelco to develop the Salar de Maricunda salt flats. The Enami partnership remains subject to regulatory approvals.
Rio is confident in lithium’s long-term positive outlook and anticipates a supply deficit to emerge from the end of the decade. It expects demand to grow at a compound annual growth rate of over 10% through to 2040.
“With spot lithium prices down more than 80% versus peak prices, these additions to the portfolio come at a time with substantial long-term market and portfolio upside, underpinned by an appealing market structure and established jurisdictions,” the company explains.
Its South American lithium pipeline includes the $2.5 billion Rincón expansion in Salta, Argentina. It also has two other projects in Argentina – Fenix and Sal de Vida – and the Nemaska Lithium in Canada. Additionally, it’s also progressing the Galaxy project in Canada – a previous Arcadium Lithium asset – and the Jadar project in Serbia.
The company says it will continue to evaluate Tier 1 opportunities globally “as it gains momentum in building a world-class lithium business.” It is seeking to leverage investments in common infrastructure, such as power and logistics, across multiple projects.
This business expansion in the battery materials space will be led by a new chief executive, who is expected to replace Stausholm later this year.
Source:Kallanish
