Rio Tinto confirmed as preferred partner on world-class Salares Altoandinos lithium project

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LONDON — Rio Tinto has today been confirmed as the preferred partner for the Salares Altoandinos lithium project in the Atacama region of Chile by Empresa Nacional de Minería (ENAMI), a state-owned Chilean mining company.

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Rio Tinto Chief Executive Jakob Stausholm said: “We are honoured to have been selected by ENAMI as the preferred partner for the Salares Altoandinos project, which has the potential to be a world-class lithium development.

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“We welcome the opportunity to develop our partnership with ENAMI, building on our interests in Nuevo Cobre and Salar de Maricunga, and to support Chile’s position as one of the world’s leading producers of minerals critical to the energy transition.”

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Under the terms of the proposal, Rio Tinto would acquire an initial 51% stake in the project with ENAMI holding the remaining 49%. The transaction remains subject to the signature of binding agreements, receipt of all regulatory approvals and the satisfaction of other customary closing conditions.

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Building a world-class lithium business

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Rio Tinto is advancing its world-class lithium business and establishing itself as a global leader in the supply of energy transition commodities.

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With a strategic pipeline of tier 1 lithium assets and options, including those from the recent acquisition of Arcadium Lithium, Rio Tinto now holds one of the world’s largest lithium portfolios.

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An expanding South American pipeline complements the projects in Canada and Serbia. This includes (see full detail in the table below):

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Chile

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Argentina

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Long-term outlook for lithium¹

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Rio Tinto has been consistent in its belief in the long-term outlook for lithium, with an expected market deficit emerging from the end of this decade. It expects a more than 10% compound annual growth rate for demand through to 2040.

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With spot lithium prices down more than 80% versus peak prices, these additions to the portfolio come at a time with substantial long-term market and portfolio upside, underpinned by an appealing market structure and established jurisdictions.

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¹ Benchmark Mineral Intelligence (BMI) benchmark supply and demand forecast as of September 2024.

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Rio Tinto’s expertise enables it to unlock value through:

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In Chile, the enormous potential of the Atacama region will enable it to develop, subject to studies, a world class copper and lithium district, which could benefit from synergies through its partnerships to unlock the potential of the region. The vision in Argentina is to develop its existing operations into super-hubs at significant scale and competitiveness.

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Its approach will leverage investments in common infrastructure, such as power and logistics, across multiple projects. It will drive an integrated, coordinated approach to strengthen engagement with local communities with the strong support of partners with local experience, the minimization of freshwater consumption through recycling, and the use of processing and re-injection technologies that maximise the recovery of lithium with the lowest environmental footprint.

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Rio Tinto looks forward to working with its partners in South America and will continue to evaluate Tier 1 opportunities globally as it gains momentum in building a world-class lithium business.

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Details of the lithium pipeline:

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Lithium Future Projects (including new partnerships with Codelco and Enami):