REG - Rio Tinto - Rio Tinto and Codelco agree to lithium partnership

Rio TintoAnnouncement

19/05/2025 16:45

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RNS Number : 2760J  Rio Tinto PLC  19 May 2025

 

Notice to
ASX/LSE

 

Rio Tinto partners with Codelco to develop lithium project in Chile's Salar de
Maricunga

 

19 May 2025

 

Santiago, CHILE - Rio Tinto and Corporación Nacional Del Cobre de Chile
("Codelco") have signed binding agreements to form a joint venture to develop
and operate a high-grade lithium project in the Salar de Maricunga in Chile.
The agreement is the next step in a broader strategic partnership to
strengthen both Rio Tinto's and Chile's positions as leading suppliers of
materials for the global energy transition.

 

Salar de Maricunga is a large lithium-containing resource base in the Atacama
region with the potential for scalable, long-life and low-cost production. Its
brine has one of the highest average grades of lithium content

in the world.

 

Under the agreement, Rio Tinto will acquire a 49.99% interest in Salar de
Maricunga SpA ("the Company"), through which Codelco holds its licenses and
mining concessions in the Salar de Maricunga(1), by funding studies and
development costs.

 

Rio Tinto will invest:

·      $350 million(2,3) of initial funding into the Company towards
additional studies and resource analysis to progress the project through to a
final investment decision.

·      $500 million(2) into the Company once a decision is made to
proceed with the project, towards construction costs. These milestones,
subject to further studies, are targeted to occur before the end of the
decade.

·      $50 million into the Company if the joint venture achieves its
aim of delivering first lithium by the end of 2030.

 

The partners will fund further capital requirements in line with their share
of ownership of the joint venture.

 

Rio Tinto Chief Executive Jakob Stausholm said: "We are honoured to be chosen
as Codelco's partner to deliver a world class project using Direct Lithium
Extraction technology in the Salar de Maricunga, leveraging our expertise as a
leading producer of lithium for the global market. Developing this significant
lithium resource will deliver further value-adding growth in our portfolio of
critical minerals essential for the energy transition.

 

"Codelco is a strategic partner for Rio Tinto in Chile, with this agreement
building on our copper joint ventures. We aim to bring significant investment
and long-term benefits to the Atacama region as we advance Maricunga and Nuevo
Cobre together, with a focus on responsible sustainable development including
shared infrastructure and solutions to minimise water usage."

 

Codelco Chairman Máximo Pacheco said: "This project continues our lithium
diversification strategy, which is essential for the energy transition, with a
world-class partner in Rio Tinto that represents the most attractive option
for Codelco and the country. We are happy and proud to strengthen our
partnership with a company of Rio Tinto's prestige, and we warmly welcome it
as a partner in this important project for Chile."

 

The Salar de Maricunga joint venture will work to update the declared reserves
and resources for the project and advance studies to inform future investment
decisions.

 

The joint venture will focus on deep engagement with the local communities,
supporting the development of infrastructure such as power and roads, and
applying leading extraction, processing and re-injection technologies to the
project to maximise the recovery of minerals and minimise its environmental
footprint.

 

The transaction is expected to close by the end of the first quarter of 2026,
subject to receipt of all applicable regulatory approvals and the satisfaction
of other customary closing conditions.

 

________________________

 

(1) Together with Salar de Maricunga SpA's subsidiaries

(2) This payment includes Rio Tinto's 49.99% share of costs.

(3) Subject to customary closing adjustment

 

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

 

 

 Media Relations,        Media Relations,               Media Relations,
 United Kingdom          Australia                      Canada

 
 
 

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 David Outhwaite         Michelle Lee                   Malika Cherry

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                         Rachel Pupazzoni               Vanessa Damha

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Media Relations,
                                                        US

 

                                                        Jesse Riseborough

                                                        M +1 202 394 9480

 Investor Relations,     Investor Relations,
 United Kingdom          Australia

 
 

 Rachel Arellano         Tom Gallop

M: +44 7584 609 644

                       M +61 439 353 948

 David Ovington

                       Amar Jambaa
 M +44 7920 010 978

                       M +61 472 865 948

 Laura Brooks

 M +44 7826 942 797

 Weiwei Hu

 M +44 7825 907 230

 Rio Tinto plc           Rio Tinto Limited

 
 

 6 St James's Square     Level 43, 120 Collins Street

 London SW1Y 4AD         Melbourne 3000

 United Kingdom          Australia

 T +44 20 7781 2000      T +61 3 9283 3333

 Registered in England   Registered in Australia

 No. 719885              ABN 96 004 458 404

This announcement is authorised for release to the market by Andy Hodges, Rio
Tinto's Group Company Secretary.

 

 

riotinto.com

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