Rio Tinto will pay up to $900mn for a near 50 per cent stake in Chile’s Maricunga lithium project, marking the biggest foreign investment in the sector since Santiago semi-nationalised its lithium mining industry two years ago.
In contrast to other diversified mining companies like BHP and Anglo American, Rio is investing heavily in lithium, a critical mineral and a key ingredient in lithium-ion batteries, even though prices for the metal have slumped amid a supply glut.
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