Codelco Teams Up with Rio Tinto for Maricunga Lithium Power Play

In a strategic move announced on Monday, Chile's state-owned mining company, Codelco, has joined forces with industry heavyweight Rio Tinto for its upcoming Maricunga lithium project. This partnership introduces a major new player into Chile's burgeoning lithium sector, a key supplier of the metal used in electric vehicle batteries.

As the global demand for lithium intensifies, with mining firms, automakers, and battery producers vying for the metal, Rio Tinto commits to a substantial financial investment, pledging up to $900 million. This participation grants Rio Tinto a 49.99% share of the project, with Codelco controlling the rest.

Rio Tinto's CEO, Jakob Stausholm, highlighted the potential economic boon for the region, mentioning possibilities for shared infrastructure and water resource optimization. The project aligns with Codelco's goal of diversifying into lithium alongside its copper pursuits, including a collaboration with SQM in the Atacama region.

(With inputs from agencies.)