Rio Tinto has signed a binding agreement with Chile’s state-owned Empresa Nacional de Minería to form a joint venture for the Salares Altoandinos lithium project in the Atacama region. Under the deal the Anglo-Australian miner will acquire a 51% interest and invest up to $425 million, with completion targeted for the first half of 2026. The greenfield deposit holds more than 15 million tonnes of lithium-carbonate equivalent, making it one of Chile’s largest undeveloped resources. Chilean business daily Diario Financiero said the project could ultimately generate in excess of $15 billion for the country as demand for battery metals accelerates. Latin America’s lithium build-out is gathering pace. In neighboring Argentina, Economy Minister Luis Caputo said a government committee has cleared Galan Litio’s $217 million plan to develop a high-grade lithium-chloride operation in Catamarca Province.