CHILE’S state-owned copper giant Codelco has announced a strategic partnership with global mining titan Rio Tinto for its new Maricunga lithium project, marking a significant shift in the country’s battery metal sector.
Rio Tinto will invest up to $900m for a 49.99% stake in the venture, with Codelco retaining majority control. The deal introduces a formidable new player to Chile’s lithium industry, previously dominated by local producer SQM and American rival Albemarle, said Reuters in an article on Tuesday.
The Maricunga project, located in northern Chile, boasts one of the world’s highest concentrations of lithium in brine, though mining operations have yet to commence.
Rio Tinto CEO Jakob Stausholm highlighted potential synergies with the company’s existing Nuevo Cobre copper project, including shared infrastructure and water conservation measures.
Analysts view the partnership as a significant boost to Chile’s ambitions of reclaiming its position as the world’s leading lithium producer, a title it lost to Australia in 2017.
“This joint venture accelerates the country’s strategic objective to reclaim leadership as the world’s top lithium producer, while allowing Codelco to diversify its portfolio,” BTG Pactual analyst Cesar Perez told Reuters.
The transaction will see Rio contribute $350m upon closing in early 2026, with additional payments tied to investment decisions and production milestones.
The agreement furthers Rio Tinto’s strategic push into lithium, following its $825m acquisition of Argentina’s Rincon project in 2021 and $6.7bn purchase of Arcadium last year, cementing the mining giant’s position in South America’s coveted “lithium triangle”.
