Rio Tinto and ENAMI finalize contract for Salares Altoandinos lithium development project in Chile
Rio Tinto and ENAMI Form Joint Venture for Salares Altoandinos Lithium Project
Rio Tinto, a global mining company, and ENAMI, Chile's state-owned mining company, have signed a binding agreement to form a joint venture for the Salares Altoandinos lithium project in Chile's Atacama region. The partnership involves a total investment commitment from Rio Tinto of up to $425 million, including cash and the deployment of its proprietary Direct Lithium Extraction (DLE) technology.
Rio Tinto, led by Sinead Kaufmann, Rio Tinto Minerals Chief Executive, is committed to building a world-class lithium portfolio. The company has agreed to acquire a controlling 51% interest in the project, which is expected to develop one of the largest lithium brine resources globally with estimated resources around 15 million tons of lithium carbonate equivalent (LCE).
The binding agreement was signed in mid-2025, with Rio Tinto nominated as the preferred partner. The transaction is expected to close in the first half of 2026, pending regulatory approvals including foreign investment approval, antitrust clearance, mining property verification, and initial environmental assessment.
After closing, Rio Tinto will lead a comprehensive pre-feasibility study (PFS) lasting approximately 12-18 months. This study will cover resource characterization through detailed drilling, pilot testing of the DLE technology under site conditions, processing route optimization, infrastructure requirements, environmental baseline studies, and community engagement.
Initial production could begin around 2029-2030, though more recent projections estimate operations starting in 2032 due to scale and final investment stages. The project's investment is structured in staged spending aligned with project milestones and study outcomes. The total project funding is anticipated to reach up to $3 billion over the development cycle.
The project must complete a detailed environmental impact assessment that adheres to Chile’s regulatory frameworks. Initial environmental baseline studies have been or will be conducted as part of early project phases. The partnership will engage with local communities and stakeholders, employing a social mapping and engagement framework to ensure responsible development and compliance with environmental and social standards.
The Salares Altoandinos project is positioned within the "Lithium Triangle," a globally strategic region for lithium supply. The joint venture seeks to balance rapid lithium supply growth with sustainability, underpinning the global energy transition towards electric vehicles and renewable energy storage.
Rio Tinto aims to position itself as a global leader in the responsible supply of critical minerals essential to the energy transition. The company is dedicated to the highest environmental standards for the potential development of the Salares Altoandinos project and is committed to transparent, respectful, and ongoing engagement with local communities in Chile's Atacama region regarding the project.
- Rio Tinto, with their commitment to renewable energy, plans to use the funds from the joint venture's $3 billion investment to develop one of the largest lithium brine resources globally, contributing to the rapid growth of lithium supply necessary for electric vehicles and renewable energy storage.
- The finance sector plays a crucial role in this partnership, as the $425 million investment from Rio Tinto will not only facilitate the development of the Salares Altoandinos project but also ensure the deployment of Rio Tinto's proprietary Direct Lithium Extraction technology, a significant advancement in the renewable-energy industry.
