Rio Tinto, Empresa Nacional de Mineria form JV to develop Chile lithium project

Rio Tinto (RIO) and Empresa Nacional de Mineria, a state-owned Chilean mining company, signed a binding agreement to form a joint venture to develop the Salares Altoandinos lithium project in the Atacama region. The signing follows an announcement of Rio Tinto’s nomination as the preferred partner for the project. As previously announced, Rio Tinto has agreed to acquire a controlling 51% interest in the project and provide up to $425M cash and non-cash contributions including its direct lithium extraction technology. The cash contributions will include staged spending to sole fund the pre-feasibility study and further studies, subject to the joint venture progressing through investment stage-gates. The transaction is expected to close in the first half of 2026, subject to receipt of all applicable regulatory approvals and the satisfaction of other customary closing conditions.