How Will Rio Tinto and Codelco’s Joint Venture Impact Lithium Mining?

2 min read | May 20, 2025 12:30 AM PDT | By Team Kalkine Media

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Highlights

Rio Tinto (RIO) partners with Codelco for lithium development in Chile

Joint venture focuses on the Salar de Maricunga lithium project

Rio Tinto to acquire near half interest through funding of development and studies

The mining sector, represented within the ASX 200 index (ASX:XJO), includes companies engaged in global resource extraction and development activities. Rio Tinto (ASX:RIO), a leading player in this sector, has entered into a joint venture agreement with Corporación Nacional Del Cobre de Chile (Codelco) to advance lithium mining operations in Chile’s Salar de Maricunga region.

Details of the Joint Venture Agreement

The binding agreements between Rio Tinto (ASX:RIO) and Codelco establish a partnership to develop and operate a lithium project described as “high-grade” within the Salar de Maricunga. As part of this arrangement, Rio Tinto will obtain a 49.99% interest in the project area through funding exploration and development activities. Codelco retains its mining licenses and concessions in the region, enabling the collaboration.

Project Location and Resource Focus

The Salar de Maricunga is a significant lithium resource located in Chile, known for its valuable mineral deposits. This region has attracted interest due to lithium’s growing role in battery technologies and energy storage solutions. The collaboration seeks to advance the extraction and processing of lithium resources within this key mining district.

Transaction Timeline and Regulatory Conditions

The transaction between Rio Tinto (ASX:RIO) and Codelco anticipates completion by the end of the first quarter of 2026. The finalization is subject to receiving all necessary regulatory approvals and meeting customary closing conditions. These procedural steps are integral to completing the joint venture arrangement and commencing operational phases.

Implications for the Mining Sector

This joint venture contributes to expanding lithium resource development efforts among major mining companies within the ASX 200 and global mining communities. The partnership combines Rio Tinto’s capital and operational expertise with Codelco’s established presence in Chile’s mining sector, emphasizing collaboration in critical mineral extraction.

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