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Today: January 15, 2025
Today: January 15, 2025

Rio Tinto, BYD and LG Energy show interest in Chile's Altoandinos lithium site

FILE PHOTO: Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto
July 25, 2024
Reuters - Reuters

SANTIAGO (Reuters) -Twelve companies including global miner Rio Tinto and Chinese electric vehicle maker BYD have submitted proposals to extract lithium in Chile's Altoandinos salt flats, the state mining company ENAMI said on Thursday.

The salt flats in the northern region of Atacama are one of the areas where the Chilean government is aiming to boost lithium production in partnership with the state by kicking off new projects.

ENAMI launched its search in May, seeking a partner to offer either financial backing or operational support in Altoandinos, for an ownership stake that has yet to be determined.

In addition to Rio Tinto and BYD, the applicants included publicly listed miner Eramet of France, battery maker LG Energy Solution of South Korea, steel company Posco also from South Korea, and Chilean construction group Belsaco.

Rio Tinto, BYD and LG Energy show interest in Chile's Altoandinos lithium site
FILE PHOTO: 2024 Beijing International Automotive Exhibition

The others were Argentina's Tecpetrol, Russia's Axionit, Canada's Summit Nanotech, Chile's Grupo Errazuriz, and from China, CNRG and a consortium known as BTR.

Chile is the world's second largest producer of lithium, a key material for most batteries that power electric vehicles.

ENAMI will announce on Aug. 19 which companies meet the eligibility requirements, before moving into negotiations with the final round of applicants.

Rio Tinto, BYD and LG Energy show interest in Chile's Altoandinos lithium site
Illustration shows Electric power transmission pylon miniatures and LG Energy Solution logo

"This confirms the commitment of these companies to proceed in a public-private partnership to make this project happen," ENAMI chief Ivan Mlynarz said in a statement.

ENAMI, which processes copper for local mining companies, has been tasked with spearheading the government's maiden ventures into lithium alongside state mining giant Codelco, which is also seeking a partner in the Maricunga salt flat.

(Reporting by Daina Beth Solomon and Fabian Cambero; Editing by Anthony Esposito)

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