Rio Tinto(US:RIO) 智通财经网·2025-12-05 03:56Core Viewpoint - The joint lithium mining project between Codelco and Rio Tinto in Chile is progressing as planned, despite Rio Tinto signaling a slowdown in its battery metal ventures. This indicates a strategic approach to lithium resources rather than a withdrawal from the market [1][2]. Group 1: Project Development - Codelco's chairman confirmed that discussions with Rio Tinto's CEO focused on the Maricunga lithium project and copper exploration in Chile, with both parties aligned on the future direction of these projects [2]. - Rio Tinto has committed to invest up to $900 million in the Maricunga project, contingent on obtaining necessary approvals and final investment decisions [3]. - The collaboration between Codelco and Rio Tinto is seen as a long-term strategic move to secure lithium resources, indicating that lithium is a critical industry for the coming years [2][4]. Group 2: Market Dynamics - The global lithium industry is experiencing a resurgence driven by unprecedented demand for energy storage systems (ESS), particularly due to the AI boom and electric vehicle expansion [5][6]. - The share of ESS in total global battery demand is expected to rise from approximately 20% last year to over one-third by 2030, solidifying lithium's position as the primary technology for energy storage [6]. - Lithium-ion batteries dominate the electric vehicle and new ESS projects, with other technologies struggling to compete in terms of scale and market acceptance [6]. Group 3: Strategic Implications - The partnership between Codelco and Rio Tinto signals a cautious yet strategic investment approach in lithium, moving away from a previous era of indiscriminate spending [4]. - The current market sentiment suggests that while lithium prices may not see immediate changes, the long-term demand driven by energy storage and electric vehicles remains robust [4]. - The focus on high-quality resources and leading companies indicates a shift towards a more selective investment landscape in the lithium sector [4].