Mining giant Rio Tinto has been confirmed as the preferred partner for the Salares Altoandinos lithium project in the Atacama region of Chile by Empresa Nacional de Minería (ENAMI), a state-owned Chilean mining company.
Under the terms of the proposal, Rio Tinto would acquire an initial 51% stake in the project, while ENAMI would hold the remaining 49%.
Rio Tinto is advancing its lithium business as it aims to become established in the supply of energy transition commodities. The company has built a strategic pipeline of Tier 1 lithium assets and options, including those from its recent acquisition of Arcadium Lithium.
Rio Tinto’s expanding Latin American pipeline complements its projects in Canada and Serbia. This includes Altoandinos and Maricunga in Chile as well as Rincon, Olaroz, Fenix, Sal de Vida and Cauchari in Argentina.
“In Chile, the enormous potential of the Atacama region will enable it to develop, subject to studies, a world class copper and lithium district, which could benefit from synergies through its partnerships to unlock the potential of the region. The vision in Argentina is to develop its existing operations into super-hubs at significant scale and competitiveness,” the company stated.
Source: Rio Tinto