Latest news with #ENAMI
Yahoo
26-05-2025
- Business
- Yahoo
Rio Tinto Confirmed as Preferred Partner for the Salares Altoandinos Lithium Project in Chile
On Friday, Rio Tinto Group (NYSE:RIO) announced that it has been selected as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region. This was announced by Empresa Nacional de Minería/ENAMI, which is a state-owned Chilean mining company. This partnership marks a significant step for Rio Tinto in expanding its lithium interests. Aerial view of an open pit mine, with workers extracting minerals. Under the proposed terms of the agreement, Rio Tinto will acquire a 51% stake in the Salares Altoandinos project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, receipt of regulatory approvals, and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies for the project, which will pave the way for a conclusive final investment decision. The CEO of Rio Tinto, Jakob Stausholm, expressed honor at being chosen by ENAMI, and highlighted the Salares Altoandinos project's potential to become a world-class lithium development. He also emphasized the opportunity to build on Rio Tinto's existing interests in Nuevo Cobre and Salar de Maricunga, which aims to support Chile's position as a leading producer of minerals crucial for the energy transition. Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources worldwide. It operates through Iron Ore, Aluminium, Copper, and Minerals Segments. While we acknowledge the potential of RIO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIO and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
25-05-2025
- Business
- Yahoo
Rio Tinto Confirmed as Preferred Partner for the Salares Altoandinos Lithium Project in Chile
On Friday, Rio Tinto Group (NYSE:RIO) announced that it has been selected as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region. This was announced by Empresa Nacional de Minería/ENAMI, which is a state-owned Chilean mining company. This partnership marks a significant step for Rio Tinto in expanding its lithium interests. Aerial view of an open pit mine, with workers extracting minerals. Under the proposed terms of the agreement, Rio Tinto will acquire a 51% stake in the Salares Altoandinos project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, receipt of regulatory approvals, and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies for the project, which will pave the way for a conclusive final investment decision. The CEO of Rio Tinto, Jakob Stausholm, expressed honor at being chosen by ENAMI, and highlighted the Salares Altoandinos project's potential to become a world-class lithium development. He also emphasized the opportunity to build on Rio Tinto's existing interests in Nuevo Cobre and Salar de Maricunga, which aims to support Chile's position as a leading producer of minerals crucial for the energy transition. Rio Tinto Group (NYSE:RIO) explores, mines, and processes mineral resources worldwide. It operates through Iron Ore, Aluminium, Copper, and Minerals Segments. While we acknowledge the potential of RIO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIO and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
Yahoo
23-05-2025
- Business
- Yahoo
Rio Tinto chosen as preferred partner for lithium project in Chile
Rio Tinto, the British-Australian multinational mining corporatoin, has been confirmed as the preferred partner for the Salares Altoandinos lithium project in Chile's Atacama region, as announced by Empresa Nacional de Minería (ENAMI), the state-owned Chilean mining company. Under the proposed terms, Rio Tinto will acquire a 51% stake in the project, with ENAMI retaining the remaining 49%. The completion of this transaction is contingent upon the execution of binding agreements, regulatory approvals and other standard closing conditions. Rio Tinto is set to advance the preliminary and detailed feasibility studies, paving the way for a conclusive final investment decision (FID). The company will contribute $425m (£315.19m) in cash and non-cash resources, encompassing its proprietary direct lithium extraction (DLE) technology. This financial commitment will cover phased expenditures dedicated to fully financing the initial feasibility study and subsequent research phases. Rio Tinto chief executive Jakob Stausholm said: 'We are honoured to have been selected by ENAMI as the preferred partner for the Salares Altoandinos project, which has the potential to be a world-class lithium development. 'We welcome the opportunity to develop our partnership with ENAMI, building on our interests in Nuevo Cobre and Salar de Maricunga, and to support Chile's position as one of the world's leading producers of minerals critical to the energy transition.' The Atacama region in Chile is known for its vast potential, which could allow for the creation of a significant copper and lithium district, subject to further studies, while benefitting from synergies through partnerships to maximise the region's potential. Rio Tinto's strategy includes leveraging investments in shared infrastructure such as power and logistics across multiple projects. This approach will facilitate an integrated and coordinated effort to enhance engagement with local communities. The deal with ENAMI follows Rio Tinto's recent agreement with Codelco to invest $900m in the Salar de Maricunga lithium project, which is also located in the Atacama region. According to the terms of the agreement, Rio Tinto will acquire a 49.99% stake in Salar de Maricunga SpA, the entity through which Codelco manages its licences and mining concessions for the Salar de Maricunga project, by financing studies and development costs. "Rio Tinto chosen as preferred partner for lithium project in Chile" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
