Chile taps Rio Tinto for second major lithium project
Rio Tinto will initially contribute $425 million to the project, which in total will represent an investment of $3 billion, ENAMI said.
ENAMI will hold an initial stake of 49% and two board seats, with three board seats going to Rio.
For Altoandinos, ENAMI said Rio's investment will cover a pre-feasibility study, use of its pilot plant at its Rincon project in Argentina, and the use of its direct lithium extraction technology.
"Rio Tinto provides a financing option that ensures the necessary resources for the project until it reaches commercial operation," ENAMI said in a statement.
In a separate statement, Rio Tinto said it would focus on "advancing towards binding agreements as quickly as possible" and that feasibility studies would enable a final investment decision.
ENAMI had also considered French miner Eramet, Chinese carmaker BYD and Korean steel group Posco as developers for the project.
"After a thorough analysis, we concluded that the proposal offering the greatest value for ENAMI was Rio Tinto's," said ENAMI head Ivan Mlynarz.
Rio was also selected by state-run copper miner Codelco on Monday for the Maricunga lithium project.
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