Rio Tinto signs JV deal for Chile lithium project

Chile

SANTIAGO, July 24, 2025 – Rio Tinto and Chile’s state-owned ENAMI have signed a binding agreement to form a joint venture to develop the Salares Altoandinos lithium project in the Atacama region, the company said on Wednesday.

Rio Tinto will acquire a 51% controlling interest and contribute up to USD 425 million in cash and non-cash assets, including its Direct Lithium Extraction technology. The staged funding will support a pre-feasibility study and subsequent phases, contingent on meeting joint venture investment thresholds.

The deal is expected to close in the first half of 2026 following regulatory approvals and other closing conditions.

“We are continuing to execute our strategy of building a world-class lithium portfolio to position Rio Tinto as a global leader in the responsible supply of critical minerals essential to the energy transition,” Rio Tinto Minerals chief executive Sinead Kaufmann said.

Rio Tinto is a global mining and metals company headquartered in the UK, with operations spanning iron ore, aluminium, copper, lithium and other critical minerals across more than 30 countries.

Image courtesy of Rio Tinto