Lithium | Rio Tinto, BYD, LGES Shortlisted for Altoandinos Lithium Project in Chile

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Lithium | Rio Tinto, BYD, LGES Shortlisted for Altoandinos Lithium Project in Chile

Date：2024-09-03

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Keyword tags： Lithium South America

Chilean state-owned mining company ENAMI has announced that six companies, including mining giant Rio Tinto, Chinese electric vehicle manufacturer BYD, and LG Energy Solutions, are on the shortlist to negotiate a public-private partnership (PPP) for the development of the Altoandinos lithium project in Chile's northern Atacama region.

The Altoandinos salt flat is a key area where the Chilean government aims to boost lithium production by launching new projects in partnership with the state. ENAMI initiated its search for a partner in May, seeking financial backing or operational support for an ownership stake that is yet to be determined.

The shortlisted contenders also include French mining company Eramet, which holds mining concessions in the Altoandinos deposit, as well as South Korean companies LG Energy Solution and POSCO, and China's CNGR Advanced Material. Initially, twelve companies expressed interest in the project.

Chile, the world's second-largest producer of lithium, a critical material for most electric vehicle batteries, is looking to formalize a public-private partnership by March 2025, according to ENAMI. The company is expected to begin negotiations with the shortlisted candidates and provide them with technical details of the Altoandinos lithium deposit.

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

The Altoandinos project, spanning about 100 square miles, comprises three undeveloped salt flats of Aguilar, Isla and Grande and is projected to produce 20,000 metric tons of lithium by 2032, with production expected to triple by 2037. In June, ENAMI released the first results from a $10.5 million drilling campaign, showing an average concentration of 740 milligrams of lithium per liter in the brine samples at the Aguilar flat.

The Chilean government is also in consultations with local communities and indigenous groups for a professional lithium mining operation contract (CEOL), with the resumption of basic exploration activities expected in September 2024.

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