Background on Codelco and Rio Tinto
Codelco, Chile’s state-owned mining company, has chosen global mining giant Rio Tinto as its partner for the development of a lithium project in the Maricunga salt flat. The agreement outlines terms for creating a joint venture, with Rio Tinto acquiring 49.99% of Salar de Maricunga SpA and Codelco controlling 50.01% of the venture.
Project Details
The Codelco board unanimously approved the partnership, where Rio Tinto will contribute up to $900 million towards the project’s development. This collaboration aligns with Chile’s National Lithium Strategy and the conditions set by the Ministry of Mines in the Special Lithium Operation Contract (CEOL).
Legal and Regulatory Compliance
Codelco stated that the partnership will become effective once all necessary legal requirements are met, including consultations with regulatory bodies in Chile and abroad. The signing of the shareholders’ agreement and formation of the joint venture are pending, with the expected closing in the first quarter of 2026.
Codelco’s President on the Partnership
Máximo Pacheco, Codelco’s board president, highlighted the strategic value of lithium as a critical mineral, Codelco’s reputation as a reliable partner, and Chile’s attractiveness for investment. He praised the team’s efforts, including site visits to Maricunga, stakeholder presentations, and consistent information and question responses.
Key Questions and Answers
- Who are Codelco and Rio Tinto? Codelco is Chile’s state-owned mining company, while Rio Tinto is one of the world’s largest mining conglomerates.
- What is the project about? The project involves developing a lithium extraction operation in the Maricunga salt flat, aligning with Chile’s National Lithium Strategy.
- What will Rio Tinto contribute? Rio Tinto will invest up to $900 million in the project’s development.
- When will the partnership become effective? The partnership will become effective once all legal requirements are met and the necessary agreements are signed, with a projected closing in Q1 2026.
- Why is this partnership significant? This collaboration highlights the strategic importance of lithium as a critical mineral, Codelco’s reputation as a reliable partner, and Chile’s attractiveness for investment.
