Rio Tinto Secures Majority Stake in Chile's Altoandinos Lithium Project

Published 7 hours agoRIO

Rio Tinto Secures Majority Stake in Chile's Altoandinos Lithium Project

Rio Tinto has announced its acquisition of a 51% stake in Chile's Altoandinos lithium project, marking the company's second significant investment in the region's lithium sector. The deal, valued at $425 million, will fund essential pre-feasibility studies and the implementation of Rio Tinto's Rincon pilot plant. The deployment of their direct lithium extraction (DLE) technology aims to enhance production efficiency while mitigating environmental impacts. The project, which covers the Aguilar, La Isla, and Grande salt flats, holds the potential to produce up to 75,000 metric tons of lithium annually.

This endeavor is a collaborative project with Chile's state-run ENAMI and features a governance structure of three Rio Tinto board members alongside two from ENAMI. Notably, both firms are considering financing options from Chinese and South Korean investors, signaling a strategic push to tap into diverse financial sources. Reuters reported that this partnership signifies Rio Tinto's expanding presence in a critical global market for lithium, a key component in electric vehicle batteries.

The Altoandinos project complements Rio Tinto's prior collaboration with Codelco on the Maricunga project, as well as its existing operations in Argentina, further solidifying its presence in Latin America. This move is aligned with the company's broader strategic objectives in the lithium market, coinciding with leadership changes as CEO Jakob Stausholm prepares to step down. This expansion underlines Rio Tinto's commitment to strengthening its portfolio and capabilities within the rapidly evolving lithium industry.

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