LONDON (dpa-AFX) - Rio Tinto Group (RIO), Monday announced an agreement with Corporacion Nacional Del Cobre de Chile to develop a joint venture and operate a high-grade lithium project in the Salar de Maricunga in Chile.
Under the terms of the agreement, Rio Tinto will acquire a 49.99 percent interest in Salar de Maricunga joint venture, which will upgrade the declared reserves and resources, and advance studies to make informed investment decisions in the future.
As per the deal, Rio Tinto will invest $350 million for further studies and research analysis, and $550 million on achieving certain milestones.
Notably, capital requirements of the joint venture will be funded by the companies based on their share of ownership.
The transaction is expected to close by the end of the first quarter of 2026.
Currently, Rio Tinto's stock is trading at $62.22, down 0.67 percent on the New York Stock Exchange.
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