• World News
  • Politics
  • Stock
  • Investing
  • Editor’s Pick
Time And Sales Reporter
Investing

Rio Tinto Partners with Codelco to Develop Lithium Project in Chile

by admin May 23, 2025
May 23, 2025

Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)said on Monday (May 19) that it has signed binding agreements with Corporación Nacional Del Cobre de Chile (Codelco) to develop and operate a high-grade lithium project.

The asset is located in the Salar de Maricunga, a large lithium-containing resource base in Atacama, Chile. Its brine is said to have one of the highest average grades of lithium content in the world.

According to Rio Tinto, it will acquire a 49.99 percent interest in the company Salar de Maricunga, through which Codelco holds its licenses and mining concessions related to the resource base.

Codelco is a state-owned firm formed in 1976. Its full name translates to “National Copper Corporation of Chile.”

“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,” said Rio Tinto Chief Executive Jakob Stausholm. “Developing this significant lithium resource will deliver further value-adding growth in our portfolio of critical minerals essential for the energy transition.”

In 2023, Rio and Codelco entered a joint venture for the exploration of Nuevo Cobre, situated within the Potrerillos mining district, also in Atacama. Codelco owns about 43 percent of Nuevo Cobre, while Rio Tinto owns about 58 percent.

For the Salar de Maricunga partnership, Rio will invest AU$350 million in initial funding for additional studies and resource analysis that will assist in creating a final investment decision.

Once a decision is made, AU$500 million will be dedicated toward construction costs. Another AU$50 million will be allocated should the venture deliver its first lithium target by the end of 2030.

The new partnership with Codelco forms part of Rio Tinto’s long-term lithium plan, which includes a production goal of over 200,000 metric tons of lithium carbonate equivalent annually by 2028.

The company recently completed its acquisition of Arcadium Lithium, making it the world’s third top lithium producer.

Subject to regulatory approvals and the satisfaction of customary conditions, the Salar de Maricunga transaction is expected to close by the end of the first quarter of 2026.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Fanatics will host a skills challenge between fans and celebrities, with $2 million on the line
next post
Thick High-Grade Graphite Drilling Results In New Zone

Related Posts

Pinnacle Increases Non-Brokered Private Placement

July 26, 2025

Teck Greenlights Highland Valley Expansion After Beating Q2...

July 26, 2025

NextSource Materials

July 26, 2025

Top 5 Canadian Mining Stocks This Week: St....

July 26, 2025

Editor’s Picks: Miners Rescued, US Mine Waste Strategy,...

July 26, 2025

Copper Price Update: Q2 2025 in Review

July 25, 2025







    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.




    Recent Posts

    • Microsoft’s Satya Nadella says job cuts have been ‘weighing heavily’ on him

      July 26, 2025
    • FCC greenlights Paramount’s $8 billion merger with entertainment group Skydance

      July 26, 2025
    • Chart Mania – 23 ATR Move in QQQ – Metals Lead 2025 – XLV Oversold – XLU Breakout – ITB Moment of Truth

      July 26, 2025
    • Pelosi confident about Dems’ chances to win House, predicts Jeffries will be speaker

      July 26, 2025
    • House Freedom Caucus conservative to enter race for South Carolina governor

      July 26, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 timeandsalesreporter.com | All Rights Reserved

    Time And Sales Reporter
    • World News
    • Politics
    • Stock
    • Investing
    • Editor’s Pick

    Read alsox

    Top 5 Canadian Biotech Stocks of 2025

    July 25, 2025

    The Fed’s Critiques of Rules-Based Monetary Policy Are...

    February 11, 2025

    The Good and Bad of the New Executive...

    March 10, 2025