Codelco Receives Government Contract to Further Develop Chile's Maricunga Salt Flat for Lithium

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Codelco secures approval to develop the Maricunga salt flat with Rio Tinto. The joint project aims to achieve 55,000 tons of lithium production capacity per year, executed in two phases.

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Chilean state miner Codelco received the updated Special Contract for Lithium Operations (CEOL) at the Maricunga salt flat from the Chilean government for its subsidiary Maricunga SpA. In May 2025, Codelco chose Rio Tinto as a partner under Chile's policy prioritizing public-private lithium ventures.

Rio Tinto committed to invest US$900 million in the project in exchange for a 49.9% stake. Of that, US$350 million would be destined toward additional studies through the final investment decisions. Another US$500 million is for the project's construction, while the remaining US$50 million would be disbursed if Maricunga SpA delivered its first lithium by the end of 2030.

The project targets producing 55,000 tons of lithium carbonate equivalent (LCE) per year by 2033, in two phases. Phase I, starting in 2030, seeks to produce 15,000--20,000 tons of LCE annually using evaporation technology. Phase II begins by 2033 and increases output to the full 55,000 tons of LCE per year using Rio Tinto's direct lithium extraction process.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can see related project reports and plant profiles.

The signing of the new CEOL took place in the presence of Chile's president, Gabriel Boric, and mining minister, Aurora Williams. For Codelco's president, Maximo Pacheco, "This CEOL allows us to consolidate a larger-scale, integrated project in Maricunga, with modern governance rules and a fluid relationship with the communities. We are moving forward with a sense of urgency and with standards that safeguard the environment and the development of the territory."

Codelco's New Role

Codelco, already the world's largest copper producer, now serves as a pillar of Chile's National Lithium Strategy as a leading state vehicle for partnerships in priority salt flats such as Maricunga and Atacama.

As part of this national policy, companies such as SQM and Albemarle, which operate in the Atacama salt flats, would have to partner with Codelco through a public-private partnership to continue operating in the area. However, the government said that it would respect current contracts.

As a result of the national policy, Codelco and SQM formed NovaAndino, a joint venture in which Codelco holds the majority, to operate the Atacama asset through 2060.

Lithium Price and Demand

Despite the low lithium prices in 2025, lithium demand recovered toward the end of the year, amid stronger Chinese demand and the deployment of battery energy storage systems (BESS), according to Cochilco, the Chilean national authority.

Cochilco expects higher lithium prices to remain in place in the short term, given the stronger market demand.

For more information on the lithium demand, prices, and dynamics, see February 16, 2026, article - Worldwide BESS, EV Markets Bode Well for Lithium Demand.

Key Takeaways

• Codelco receives contract to develop the Maricunga salt flat in partnership with Rio Tinto.
• The project would produce 55,000 tons of LCE by 2033.
• Rio Tinto pledged to invest US$900 million in the project.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resource's Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).

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