Rio Tinto Confirmed as Preferred Partner for the Salares Altoandinos Lithium Project in Chile

On Friday, Rio Tinto Group (NYSE:RIO) announced that it has been selected as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region.

This was announced by Empresa Nacional de Minería/ENAMI, which is a state-owned Chilean mining company. This partnership marks a significant step for Rio Tinto in expanding its lithium interests.

Under the proposed terms of the agreement, Rio Tinto will acquire a 51% stake in the Salares Altoandinos project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, receipt of regulatory approvals, and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies for the project, which will pave the way for a conclusive final investment decision.

The CEO of Rio Tinto, Jakob Stausholm, expressed honor at being chosen by ENAMI, and highlighted the Salares Altoandinos project's potential to become a world-class lithium development. He also emphasized the opportunity to build on Rio Tinto's existing interests in Nuevo Cobre and Salar de Maricunga, which aims to support Chile's position as a leading producer of minerals crucial for the energy transition. Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources worldwide. It operates through Iron Ore, Aluminium, Copper, and Minerals Segments.

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Disclosure: None. This article is originally published at Insider Monkey.