Rio Tinto and Chile's state-run mining body ENAMI have formally formed a joint venture for the Altoandinos lithium project in Chile. Rio Tinto will provide up to $425 million in cash and non-cash contributions to the project. These contributions will include its Direct Lithium Extraction (DLE) technology, a key differentiator for sustainable lithium production.
This joint venture solidifies Rio Tinto's second major lithium venture in Chile, following its partnership with Codelco on the Maricunga lithium project. The Altoandinos project is expected to begin production in 2032, with an initial target of 35,000 metric tons of battery metal per year, ramping up to 75,000 tons. This long-term project is crucial for meeting global lithium demand.
The formalization of this partnership and the significant investment underscore Rio Tinto's aggressive expansion into future-facing metals. Leveraging its DLE technology, the company aims for lower operating expenses and higher recoveries, especially in water-constrained regions. This strategic move positions Rio Tinto as a leading player in the global lithium market.
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