Global mining company Rio Tinto has been named the preferred partner by Chile's state-owned mining company Empresa Nacional de Minería (ENAMI) for the Salares Altoandinos lithium project in the Atacama region. This development further expands Rio Tinto's substantial lithium portfolio.

Under the proposed agreement, Rio Tinto will acquire an initial 51% stake, with ENAMI retaining 49%. This partnership builds on Rio Tinto's existing interests in Chile and supports its commitment to critical minerals for the energy transition.

The Salares Altoandinos project, along with the recent acquisition of Arcadium Lithium and existing assets in Argentina and Canada, made Rio Tinto a global leader in lithium supply. The company foresees a market deficit for lithium by the end of this decade, expecting over 10% annual demand growth for lithium through 2040.