Codelco and Rio Tinto move forward with Maricunga lithium project in Chile

Codelco chairman Máximo Pacheco said the Maricunga lithium joint venture with Rio Tinto is progressing as planned, reassuring Chile after the Anglo-Australian miner signaled a more cautious, phased approach to the battery metal amid a global supply glut.

Codelco and Rio Tinto Group are moving forward as planned with their lithium joint venture in Chile, despite Rio recently signaling a slower, more selective approach to the battery metal, Codelco chairman Máximo Pacheco said.

Rio Tinto chief executive Simon Trott and the group’s head of lithium Jerome Pecresse met Pacheco in London on Wednesday to review the early-stage Maricunga lithium project, along with the companies’ copper exploration program in Chile, Pacheco said in a telephone interview.

According to Pacheco, the two companies are aligned on the way forward for both initiatives. The roughly two-hour meeting also included a discussion of the lithium extraction technology that will be used at Maricunga, a key decision point for the project’s long-term economics and environmental footprint.

Reassurance after Rio slows global lithium push

Pacheco’s comments are likely to ease concerns in Chile after a series of signals from Rio that it was becoming more cautious on lithium:

• The company mothballed a lithium project in Serbia, citing permitting and political challenges.
• Trott said at an event on Thursday that Rio would take a “phased approach” to the metal, which has been hit by a supply glut and weaker prices.

Trott took over from Jakob Stausholm in August with a mandate to place greater emphasis on core mining operations and apply a more disciplined approach to capital spending. Stausholm had been a strong champion of Rio’s lithium strategy, overseeing a major acquisition and striking partnership deals with both Codelco and another Chilean state mining company, Enami, to potentially develop new operations in the country.

Despite the change in tone, Pacheco stressed that Rio’s commitment to the Chilean partnership remains intact, and that there are no signs of a retreat when it comes to Maricunga.

Up to $900 million earmarked for Maricunga

In May, Rio Tinto agreed to invest as much as $900 million in the Maricunga project, although the spending is subject to several approvals and a final investment decision (FID).

During a presentation to investors in London on Thursday, Trott said lithium would become a “significant business” for Rio over time. The slides he showed described the Chilean ventures as “options”, underscoring that while the company is being more selective, it still views Chile as a strategic pillar of its lithium ambitions.

Rio Tinto did not immediately comment on the London meeting with Codelco.

Enami’s Altoandinos venture also moving ahead

Reassurance about Rio’s Chile strategy has also come from Enami, another state-owned player in the country’s mining sector.

In an interview last week, Enami CEO Iván Mlynarz said the company’s Altoandinos joint venture with Rio Tinto — focused on lithium and other minerals in high-Andean salars — was also progressing.

“There is no condition that would require stopping it,” Mlynarz said, signaling that the project remains on track despite market volatility and Rio’s more gradual stance.

Taken together, the statements from Codelco and Enami suggest that Chile remains central to Rio Tinto’s lithium strategy, even as the group recalibrates its global exposure to the metal.

Maricunga: a key test for Chile’s lithium strategy

The Maricunga salar is considered one of Chile’s most promising lithium assets, and a flagship project for the country’s efforts to capture more value from the global EV and energy transition supply chain.

The Codelco–Rio Tinto venture fits within Chile’s broader National Lithium Strategy, which envisions strong state participation via public companies, combined with partnerships with global majors to bring in capital, technology and market access.

If Rio ultimately signs off on the full investment package, Maricunga would:

• Strengthen Chile’s position as a key supplier of battery-grade lithium.
• Showcase new extraction technologies at scale, at a time when environmental and water-use concerns are under close scrutiny.
• Confirm that global mining majors still see Chile as a reliable long-term jurisdiction for strategic minerals, despite pricing cycles and shifting corporate strategies.

For now, Pacheco’s message is clear: the lithium partnership with Rio Tinto is moving ahead, and Chile’s role in the next chapter of Rio’s battery metals strategy remains firmly on the table.