Chile's national mining company, Enami, has chosen Anglo-Australian miner Rio Tinto as its partner to explore and develop the Altoandinos lithium project, the largest undeveloped deposit in the country. The agreement grants Rio Tinto a 51% stake, while Enami retains 49%. The companies will jointly invest $3 billion in the project, with Rio Tinto contributing $425 million.
Enami’s board unanimously selected Rio Tinto over competitors including China’s BYD, French Eramet, and South Korea’s Posco. Rio Tinto will oversee operations using its direct lithium extraction (DLE) technology, which eliminates the need for brine evaporation and enables more efficient and environmentally friendly production. The miner will also support financing until the project reaches full operational capacity and will cover expenses for a pre-feasibility study.
Rio Tinto’s expertise in DLE played a crucial role in securing the deal, as its Rincon plant in Argentina will serve as a demonstration facility due to the similarities in brine composition. The Altoandinos deposit contains over 15 million metric tons of lithium carbonate equivalent, with annual production expected to reach 75,000 metric tons. No official timeline has been set for production to begin.
