Chilean mining company Empresa Nacional de Minería (ENAMI) has selected Rio Tinto as its partner for the Salares Altoandinos lithium project, the companies said in separate news releases May 22.

The public-private partnership enables an estimated investment of $3 billion, according to ENAMI.

Covering the Aguilar, La Isla and Grande salt flats, the project has more than 15 million tons of lithium carbon equivalent (LCE). However, ENAMI said projections indicate that could reach 75,000 tons of LCE per year subject to further studies.

“ENAMI has been an active company in the implementation of the National Lithium Strategy, and this partnership culminates a process that began in May 2024 with an open call for proposals in which world-class companies participated,” said Iván Mlynarz, executive vice president of the state-owned company. “This reflects the international interest in investing in Chile thanks to our company’s work in the salt flats and the project's world-class potential.”

Under the proposed terms, Rio Tinto will have a 51% stake in the lithium project and three board seats, while ENAMI will hold the remaining 49% stake and two board seats.

The transaction is subject to the signature of binding agreements, receipt of all regulatory approvals and other customary closing conditions.

In addition to providing its direct lithium extraction technology, Rio Tinto said it will initially contribute an estimated $425 million, including cash and non-cash contributions, for the project. Cash contributions will be used to fund pre-feasibility and feasibility studies that will inform a final investment decision, the company said.

Rio Tinto Chief Executive Jakob Stausholm said Salares Altoandinos has potential to be a world-class lithium development.

“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,” Stausholm said.

The agreement marks Rio Tinto’s second major lithium extraction project in Chile. The company agreed to form a joint venture with Codelco to develop and operate a lithium project in Salar de Maricunga, located in Chile’s Atacama region.

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