Business Excellence Infrastructure Magazine – May 2025
Lead
In a landmark deal for Latin America’s critical-minerals sector, Rio Tinto and state-owned copper giant Codelco have inked binding agreements to form a joint venture (JV) for the development of the Salar de Maricunga lithium project in Chile. With up to $900 million earmarked for exploration, studies and construction, the partnership aims to harness one of the world’s highest-grade lithium brines to meet surging demand for electric-vehicle batteries and renewable-energy storage.
Strategic Alliance and Project Scope
• JV Structure: Rio Tinto will fund studies and development expenses in exchange for a 49.99 percent stake in Salar de Maricunga SpA, the special-purpose vehicle holding all project licences and concessions.
• Timeline: An initial $350 million will be deployed immediately to advance technical analysis and secure a final investment decision. On approval, a further $500 million will fund mine construction, with an additional $50 million payable upon first production by the end of 2030. The transaction is slated to close by the end of Q1 2026, subject to regulatory clearances and customary conditions.
Technological Edge
Rio Tinto brings to the table its proprietary Direct Lithium Extraction (DLE) technology—enabling more efficient recovery of lithium from brine with a smaller environmental footprint. This expertise, combined with Codelco’s deep knowledge of Chile’s regulatory and operational landscape, promises accelerated timelines and industry-leading recovery rates.
Investment Phases at a Glance
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Feasibility & Studies ($350 million) – Hydrogeological, environmental, metallurgical and pilot-scale testing to confirm resource size and process viability.
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Construction & Commissioning ($500 million) – Infrastructure development, processing plant erection, and site preparation.
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Performance Bonus ($50 million) – Incentive payment upon delivery of first lithium carbonate by end-2030.
Sustainable and Shared-Value Development
Both partners emphasize responsible growth in the Atacama region:
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Water-Use Minimization: Joint investment in water-saving solutions and shared infrastructure to lessen impact on scarce desert aquifers.
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Local Engagement: Ongoing consultation with nearby communities, inclusive employment programs and support for regional infrastructure (roads, power, communications).
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Environmental Stewardship: Commitment to rigorous environmental monitoring, progressive reclamation and adherence to international best practices for biodiversity protection.
Building on a Proven Partnership
“This is our third major collaboration with Codelco in Chile,” said Rio Tinto CEO Jakob Stausholm. “By combining Codelco’s standing as the world’s largest copper producer with our lithium expertise, we’re delivering value-added growth in critical minerals essential for the energy transition. Our shared focus on sustainable development—including shared infrastructure—will generate long-term benefits for the Atacama region.”
Codelco Chairman Máximo Pacheco added, “This JV advances our lithium diversification strategy under the most attractive terms for Chile. We’re proud to deepen our partnership with Rio Tinto, a world-class operator whose prestige and technology will maximize value for our country.”
Why It Matters for Infrastructure Leaders
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Critical-Minerals Security: Direct investment in lithium ensures stable supply chains for battery manufacturers and corporate off-takers.
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Technological Innovation: DLE adoption signals a shift toward more efficient, lower-impact extraction methods across mining infrastructure.
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Regional Development: A nearly $1 billion capital injection will boost local economies, upgrade logistics and inspire ancillary infrastructure projects.
As the energy transition accelerates, the Rio Tinto–Codelco JV on Salar de Maricunga stands out as a blueprint for how major miners can collaborate on sustainable, large-scale infrastructure in high-value, strategically critical commodities.
