Latest news with #Altoandinos
Yahoo
23-05-2025
- Business
- Yahoo
RIO Selected as Preferred Partner by ENAMI for Chilean Lithium Project
Rio Tinto Group RIO has been named the preferred partner of Chile's state-owned mining company, Empresa Nacional de Minería (ENAMI), for the development of the Salares Altoandinos lithium project in the Atacama region. The project has the potential to be a world-class lithium the proposal, Rio Tinto would acquire an initial 51% stake in the project with ENAMI holding the remaining 49%. The transaction, however, remains subject to the signature of binding agreements, receipt of regulatory approvals and the satisfaction of other customary closing conditions. Lithium prices have declined 40% in a year due to an oversupplied market. Considering that lithium is expected to play an essential part in the transition to a low-carbon, clean-energy economy, the demand for the metal is expected to grow in the years to come. Rio Tinto has been working on building its lithium portfolio to capitalize on this expected demand surge. With the market likely headed for a deficit, prices will pick up eventually. In 2022, RIO acquired the Rincon lithium project in Argentina. Rincon has the capacity to produce 60,000 tons of battery-grade lithium carbonate per year. First production is expected in 2028, followed by a three-year ramp-up to full capacity. It is expected to operate in the lowest quartile of the cost curve and has an expected mine life of around 40 years. Project work is in progress at Sal de Vida in Argentina, with production expected to start in 2027. The Nemaska Lithium project in Quebec, Canada, in which RIO has a 50% stake, is expected to start production in 2028. Earlier this year, Rio Tinto acquired Arcadium Lithium. With its high-quality assets, diverse product portfolio, focus on innovation and robust growth strategy, Arcadium is expected to play a central role in RIO's lithium expansion plans. Rio Tinto recently inked a binding agreement with Codelco to form a joint venture for a lithium project in Chile's Salar de Maricunga. The current partnership with ENAMI for the Altoandinos project further reinforces RIO's presence in Chile. Backed by its concerted efforts, Rio Tinto now holds one of the world's largest lithium portfolios. In the past year, shares of Rio Tinto have lost 14.9% compared with the industry's 12.7% decline. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Agnico Eagle Mines AEM and Hawkins HWKN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. Carpenter Technology has an average trailing four-quarter earnings surprise of 11.10%. The Zacks Consensus Estimate for Carpenter Technology's fiscal 2025 earnings is pegged at $7.27 per share, indicating 53.4% year-over-year growth. CRS shares have surged 106% in a year. Agnico Eagle Mines has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AEM's fiscal 2026 earnings is pegged at $4.54 per share, indicating year-over-year growth of 12.7%. Agnico Eagle Mines shares have appreciated 69% in a year. The Zacks Consensus Estimate for Hawkins' fiscal 2026 earnings is pegged at $4.54 per share, indicating year-over-year growth of 12.7%. HWKN shares have gained 2.5% year to date. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Rio Tinto PLC (RIO) : Free Stock Analysis Report Carpenter Technology Corporation (CRS) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report Hawkins, Inc. (HWKN) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Reuters
23-05-2025
- Business
- Reuters
Chile's ENAMI says lithium venture with Rio Tinto to start production in 2032
SANTIAGO, May 23 (Reuters) - Chile's state-run mining firm ENAMI aims for its new Rio Tinto lithium partnership at Altoandinos to begin production in 2032 with 35,000 metric tons of the battery metal per year, and ramp up over three years to 75,000 tons, ENAMI company chief Ivan Mlynarz said on Friday. The Altoandinos project, as well as the Maricunga project that Rio Tinto (RIO.L), opens new tab, ( opens new tab was tapped this week to spearhead alongside state-run copper producer Codelco, will give the global miner a critical role in Chile's lithium industry alongside long-established players SQM ( opens new tab and Albemarle (ALB.N), opens new tab. Rio Tinto will initially put forward $425 million to the project, which ENAMI said will require a total investment of $3 billion. ENAMI previously estimated the Altoandinos project capacity to be 60,000 tons a year, before new studies showed more resources than expected, particularly at the La Isla salt flat. Mlynarz said ENAMI plans for the project to start with direct lithium extraction (DLE), an innovative method that has yet to be used in Chile, and that Rio Tinto is testing at its Rincon project in Argentina. ENAMI has begun testing DLE options from various companies, and Mlynarz said early results from Rio Tinto's technology look promising, paving the way for its potential use on the project. "The results have been encouraging with Rio Tinto, and it has the advantage of having the operator use their own technology," Mlynarz said. He added that the partnership needed approval from international regulatory agencies, but that ENAMI in the meantime would continue exploration studies, with the hope that Rio Tinto will take the lead in 2026. "We need to keep working in the salt flat because both ENAMI and Rio Tinto know that timing is key," Mlynarz said.
Reuters
22-05-2025
- Business
- Reuters
Chile taps Rio Tinto for second major lithium project
SANTIAGO, May 22 (Reuters) - Global miner Rio Tinto ( opens new tab has been selected by Chile for the second time this week for a major new lithium project, with state-run mining body ENAMI naming it a partner for its Altoandinos lithium project in a statement on Thursday. 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.
