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Rio Tinto and ENAMI sign binding agreement for Salares Altoandinos lithium project in Chile

1. Rio Tinto and ENAMI form a joint venture for lithium project in Atacama region. 2. Rio Tinto will invest up to $425 million for a 51% interest.

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Why Bullish?

Rio Tinto's investment in lithium aligns with increasing global demand for EV batteries. Historical investments in strategic minerals have led to price increases in mining stocks.

How important is it?

The establishment of this joint venture with ENAMI is critical due to growing lithium demand, likely influencing RIO's future revenues significantly.

Why Long Term?

The joint venture positions RIO for long-term growth in the lithium market, essential for future energy technologies.

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LONDON--(BUSINESS WIRE)--Rio Tinto and Empresa Nacional de Minería (ENAMI), a state-owned Chilean mining company, signed a binding agreement to form a joint venture to develop the Salares Altoandinos lithium project in the Atacama region. The signing follows a 23 May announcement of Rio Tinto's nomination as the preferred partner for the project. As previously announced, Rio Tinto has agreed to acquire a controlling 51% interest in the project and provide up to $425 million cash and non-cash co.

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