Rio Tinto and Codelco Partner on Chilean Lithium Project

Rio Tinto ( (GB:RIO) ) has issued an update.

Rio Tinto has entered into a joint venture with Codelco to develop a high-grade lithium project in Chile’s Salar de Maricunga. This strategic partnership aims to enhance both companies’ positions as key suppliers in the global energy transition. The project, which involves significant investment from Rio Tinto, will focus on sustainable development and community engagement, with the first lithium production targeted by 2030. This initiative is expected to bolster Rio Tinto’s portfolio in critical minerals and bring long-term benefits to the Atacama region.

The most recent analyst rating on (GB:RIO) stock is a Buy with a £60.00 price target. To see the full list of analyst forecasts on Rio Tinto stock, see the GB:RIO Stock Forecast page.

Spark’s Take on GB:RIO Stock

According to Spark, TipRanks’ AI Analyst, GB:RIO is a Outperform.

Rio Tinto’s strong financial performance and strategic initiatives in lithium and decarbonization highlight its growth potential. Despite short-term technical caution and market challenges, particularly in China, the company’s attractive valuation and positive corporate events bolster its overall outlook.

To see Spark’s full report on GB:RIO stock, click here.

More about Rio Tinto

Rio Tinto is a leading global mining group primarily focused on the extraction and production of minerals such as iron ore, aluminum, copper, and lithium. The company is heavily involved in the global energy transition, supplying critical minerals essential for sustainable development.

Average Trading Volume: 3,137,148

Technical Sentiment Signal: Hold

Current Market Cap: £80.25B

For detailed information about RIO stock, go to TipRanks’ Stock Analysis page.