Rio Tinto sinks $900m into lithium mine in battery bet
Rio Tinto is to pay up to $900 million for a near-half stake in a huge lithium mine in Chile as it doubles down on its bet on the battery metal.
The London-listed miner will acquire a 49.99 per cent interest in the Salar de Maricunga project from Codelco, Chile's state-owned copper company, by funding additional studies and development work at the site.
While its rivals such as BHP and Anglo American have stayed clear of lithium, Rio has made it the central pillar of its growth ambitions.
Lithium is a critical mineral and a key ingredient in the lithium-ion batteries used in mobile phones, laptops and electric cars. However, prices of the metal recently slumped to their lowest since 2021 amid a supply
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