Chile‘s Codelco expects its lithium project in the Maricunga salt flat to become a reality in eight years, chairperson Bernardo Fontaine said on Wednesday.
The Maricunga lithium project is managed by state-owned copper producer Codelco and its partner Rio Tinto.
“The agreement has not yet been signed because it is subject to certain conditions, some of which have been met and others are still pending at the international level,” Fontaine said
The joint venture agreement awaits regulatory approval from Chile and China, after obtaining antitrust approvals without conditions from Brazil, South Korea and Poland, the executive added.
Chile‘s mining ministry is revising the special operating contract to address observations made by the national auditor.
During his speech, Fontaine also said lithium should not be classified as a critical mineral, arguing it faces no supply risks and exists in abundance worldwide.
Codelco‘s new board is reviewing the state miner’s plans and projects, prioritizing investments and evaluating potential asset sales.
The company lost its title as the world’s largest copper producer in 2025.