Rio Tinto Secures Majority Stake in Chile’s Altoandinos Lithium Project
SANTIAGO – Chile’s state-owned National Mining Company (ENAMI) has selected global mining giant Rio Tinto to take a 51% stake in the Altoandinos lithium project, marking the company’s second major lithium venture in Chile.
Rio Tinto will initially invest $425 million to fund pre-feasibility studies, including the deployment of its pilot plant at the Rincon project in Argentina and the use of its proprietary direct lithium extraction (DLE) technology.
The partnership was announced on Thursday, following a competitive bidding process in which Rio outpaced contenders such as France’s Eramet, China’s BYD, and South Korea’s Posco.
This development further expands Rio Tinto’s presence in Chile—already the world’s second-largest lithium producer—and follows its recent selection by state copper giant Codelco to jointly develop the Maricunga lithium project.
Under the terms of the Altoandinos deal, Rio Tinto will hold three seats on the project’s board, while ENAMI will retain two.
The Altoandinos project spans the Aguilar, La Isla, and Grande salt flats and is expected to produce up to 75,000 metric tons of lithium annually. The DLE technology to be used in the project is designed to reduce environmental impact by preserving the region’s water composition.
“Rio Tinto offers a financing solution that guarantees the necessary resources to take the project through to commercial production,” ENAMI said in a statement.
ENAMI also told Reuters that both it and Rio Tinto would assess co-financing proposals from previously interested firms, including China’s CNGR Advanced Material Co. and South Korea’s LG Energy Solution.
In addition to its lithium ventures, Rio Tinto is working alongside Codelco on the Nuevo Cobre copper exploration project in Chile.
The company says its long-term vision is to develop a “copper and lithium district” in Chile, leveraging shared infrastructure across multiple projects.
Rio also signaled intentions to pursue further acquisitions in the lithium sector, stating: “Rio Tinto will continue to evaluate Tier 1 opportunities globally as it builds momentum toward becoming a world-class lithium producer.”
The announcement comes on the same day Rio Tinto disclosed that CEO Jakob Stausholm will step down later this year, after overseeing the company’s renewed focus on critical minerals in Latin America.
