Codelco Eyes Maricunga Lithium Development Amid Strategic Shift

Eight years remain before Codelco expects to extract lithium from the Maricunga salt flat, a timeline outlined by chairman Bernardo Fontaine as the state-owned miner navigates a complex transition. The project hinges on a partnership with Rio Tinto that currently awaits the green light from regulatory authorities.

Editorial·July 15, 2026·reads: 2,598

While the collaboration between the Chilean mining giant and the Anglo-Australian firm has satisfied several international benchmarks, the formal joint venture remains stalled. This delay underscores the broader challenges facing Codelco, which recently surrendered its long-held position as the world's leading copper producer in 2025.

Beyond project logistics, Fontaine is challenging the prevailing industry narrative regarding resource scarcity. He contends that lithium should not be classified as a critical mineral, pointing to a global supply he views as abundant. As the company reevaluates its portfolio and weighs potential asset divestments, the push into the Maricunga region serves as a pivotal test for its future market relevance.