Rio Tinto confirmed as preferred partner on world-class Salares Altoandinos lithium project
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“We welcome the opportunity to develop our partnership with ENAMI, building on our interests in Nuevo Cobre and
Under the terms of the proposal,
Building a world-class lithium business
With a strategic pipeline of tier 1 lithium assets and options, including those from the recent acquisition of Arcadium Lithium,
An expanding South American pipeline complements the projects in
- Altoandinos – a new partnership with ENAMI
- Maricunga – a new partnership with Codelco
-
Rincon, Olaroz, Fenix,
Sal de Vida and Cauchari
Long-term outlook for lithium1
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.
1
Benchmark Mineral Intelligence (BMI) benchmark supply and demand forecast as of
Rio Tinto’s expertise enables it to unlock value through:
- an established footprint in the Lithium Triangle to maximise synergies across the value chain
-
a strong balance sheet and a mid-term capex guidance of
$10-11bn per year to deploy capital where it will get the best return for shareholders - its approach to being Best Operator through operational excellence and leading lithium technologies including 28 years of Direct Lithium Extraction (DLE) experience
- excellence in exploration and project delivery credentials in line with its excel in development priority
- Impeccable ESG including a commitment to deep engagement with local communities, minimizing freshwater consumption and a commitment to brine reinjection studies to reduce the impact of lithium extraction operations.
In
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.
Details of the lithium pipeline:
Lithium Capital Projects (as released in Rio Tinto’s first quarter operations review on
|
Project |
Total capital
|
Status/Milestones |
|
Project: Rincon expansion
Location: Salta province,
Ownership:
Capacity: total of 60kt per year (battery grade lithium carbonate)
Approval:
Planned first production: 2028 with three-year ramp-up to full capacity To note: Project consists of the 3kt starter plant and 57kt expansion plant. The mine is expected to have a 40-year life and operate in the first quartile of the cost curve. |
|
Starter plant - construction reached substantial completion, with final system testing and commissioning planned in Q2 Expansion project - construction is scheduled to begin in mid-2025, subject to permitting NEW: Incentive Regime for Large Investments (RIGI) approval received (20.05.25) |
|
Project: Fenix expansion
Location: Catamarca province,
Ownership:
Capacity: 10ktpa LCE (Battery Grade Lithium Carbonate) Planned first production: 2027 To note: product is carbonate, chloride |
|
Project work progresses |
|
Project:
Location: Catamarca province,
Ownership:
Capacity: 15ktpa Planned first production: 2027 To note: product is carbonate |
|
Project work progresses |
|
Project:
Location:
Ownership:
Capacity: 28kpta LCE (100%) Planned first production: 2028 To note: product is integrated lithium hydroxide |
( |
Project work progresses |
Lithium Future Projects (including new partnerships with Codelco and Enami):
|
Project |
Status/Milestones |
|
Previously Arcadium assets
Location:
|
|
|
Location:
Ownership:
To note: Signed a binding agreement with Codelco to form a joint venture to develop and operate a high-grade lithium project in the Salar de Maricunga in |
Transaction to form the joint venture is expected to close by the end of the first quarter of 2026, subject to receipt of all applicable regulatory approvals and the satisfaction of other customary closing conditions.
The partners will fund further capital requirements in line with their share of ownership of the joint venture.
1 This payment includes Rio Tinto’s 49.99% share of costs. 2 Subject to customary closing adjustments. |
|
Salares Altoandinos - NEW
Location:
Ownership:
To note:
|
It will progress the pre-feasibility and feasibility studies enabling a final investment decision.
|
|
Jadar
Location:
Ownership:
To note: Development of the greenfield Jadar lithium-borates project in |
Continued the application process for obtaining the Exploitation
|
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