Rio Tinto and Chile’s state-owned Codelco have signed a binding agreement to form a joint venture aimed at developing and operating a major lithium project at the Salar de Maricunga in northern Chile. Under the terms of the agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA, the entity holding the project’s rights and licenses, by funding development and study costs.
The investment will be made in several stages. Initially, Rio Tinto will contribute $350 million to support technical studies and geological analyses, advancing the project toward a final investment decision. If the project moves forward, an additional $500 million will be allocated for construction. A further $50 million is contingent on the joint venture delivering its first lithium by the end of 2030. Any further capital needs will be shared by both partners according to their ownership stakes.
Salar de Maricunga is recognized as one of the world’s highest-grade undeveloped lithium brine resources, with strong potential for scalable and cost-effective production. The joint venture plans to use direct lithium extraction technology, which is designed to improve efficiency and reduce water usage compared to traditional methods.
The agreement supports Chile’s national strategy to maintain state oversight of lithium production while attracting foreign investment. The transaction is expected to close by the end of the first quarter of 2026, pending regulatory approvals and other customary conditions.
Both companies have stated that the project will prioritize responsible development, including community engagement and shared infrastructure, to bring long-term benefits to the Atacama region.
