 |
| Rio Tinto |
Chile’s state-run Empresa Nacional de Minería (ENAMI) has awarded Rio Tinto a 51% stake in the Altoandinos lithium project, giving the global mining giant a second major foothold in the country’s booming lithium sector. Rio beat out prominent contenders including France’s Eramet, China’s BYD, and South Korea’s Posco, solidifying its aggressive expansion in Latin America’s battery metals arena.
Rio will invest $425 million initially to fund pre-feasibility studies, with resources also earmarked for deploying its direct lithium extraction (DLE) technology. This will include utilization of the company’s pilot plant at Rincon, Argentina, and technical collaboration with ENAMI. Rio Tinto will hold three board seats, while ENAMI retains two, forming a 51:49 joint governance structure.
According to ENAMI, the Altoandinos project encompasses the Aguilar, La Isla, and Grande salt flats and could produce up to 75,000 metric tons of lithium annually. The use of DLE aims to minimize environmental impact, especially by preserving local water composition—an increasingly sensitive issue in Andean lithium production.
Rio Deepens Latin American Lithium and Copper Ambitions
This marks Rio Tinto’s second major win in Chile this week, after being selected by state copper giant Codelco to co-develop the Maricunga lithium project. The company has previously built up a strong regional presence through its Rincon lithium project in Argentina and its acquisition of Arcadium Lithium, signaling a cohesive Latin America strategy under CEO Jakob Stausholm, whose surprise resignation was also announced Thursday.
Rio is also co-exploring copper opportunities with Codelco at Nuevo Cobre, reinforcing its ambition to build a “copper and lithium district” in Chile through shared infrastructure and synergistic development. In its statement, Rio Tinto said it will continue to assess Tier 1 opportunities globally to accelerate its lithium ambitions and secure its place in the battery material supply chain.
Strategic Partnerships and Global Lithium Expansion in Focus
As part of the Altoandinos venture, Rio and ENAMI will jointly evaluate additional financing from previously interested parties, including China’s CNGR Advanced Material Co Ltd and South Korea’s LG Energy Solution. This underscores the strategic interest global players have in Chile’s salt flats, which are part of the “Lithium Triangle”—a region accounting for more than half of the world’s lithium reserves.
Rio Tinto emphasized that its approach aligns with environmental priorities, national development goals, and long-term lithium market growth. “Rio Tinto… will continue to evaluate Tier 1 opportunities globally as it gains momentum in building a world-class lithium business,” the company stated, signaling potential for further acquisitions and new project developments in the sector.
Tags
RAREMETAL
