Global mining giant Rio Tinto and Chinese electric vehicle manufacturer BYD are among the 12 companies interested in developing the lithium-rich Altoandinos salt flats in the Atacama region, reported Reuters, citing Chilean state-owned minerals company Enami.

The initiative is part of Chile's strategy to increase lithium output through partnerships with the state.

In May 2024, Enami launched its search for a partner, looking for companies to provide either financial or operational support in exchange for an ownership stake in the Altoandinos project.

The exact percentage of the stake has not yet been disclosed.

Other applicants include France's Eramet, South Korea's LG Energy Solution and POSCO, and Chile's Belsaco.

The list also includes Russia's Axionit, a consortium named BTR, China's CNRG, Chile's Grupo Errazuriz, Canada's Summit Nanotech and Argentina's Tecpetrol.

Enami plans to evaluate the proposals and determine which companies meet the eligibility criteria by 19 August 2024, after which negotiations with the final candidates will commence.

Enami chief Ivan Mlynarz was quoted by the news agency as saying: “This confirms the commitment of these companies to proceed in a public-private partnership to make this project happen.”

Enami is primarily involved in copper processing and is now venturing into lithium production, a critical component for batteries.

The company expects to eventually produce around 60,000 tonnes of lithium annually at Altoandinos.