Rio Tinto Group (ASX:RIO) has signed a binding agreement with state-owned Empresa Nacional de Minería (ENAMI) to form a joint venture for the Salares Altoandinos lithium project in Chile's Atacama region, according to a media release on Thursday.
The company will acquire a 51% stake in the project and commit up to AU$425 million, including direct lithium extraction technology, to fund staged studies as the joint venture advances, the release said.
The transaction is expected to close in the first half of 2026, pending regulatory approvals and customary conditions.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.