Santiago, February 12, 2026 - Salar de Maricunga SpA, a subsidiary of Codelco, today signed with the Ministry of Mining the modification of the Special Lithium Operation Contract (CEOL) that enables the company to advance in the exploration and exploitation of this mineral in the Salar de Maricunga, within the framework of the National Lithium Strategy promoted by the government of President Gabriel Boric.

With this modification of the original CEOL signed in 2018, the area considered in the salt flat is expanded by incorporating the pre-1979 holdings of Codelco and Minera Salar Blanco SA acquired from Lithium Power International (LPI) in 2024. It should be remembered that in May 2025 the Corporation selected Rio Tinto as a strategic partner for the lithium project in Maricunga, committing a capital contribution of up to US$900 million to develop this initiative.

The CEOL signing took place at the La Moneda Palace, an event attended by President Boric, the Minister of Mining, Aurora Williams, the Chairman of the Board of Codelco, Máximo Pacheco, and the General Manager of Salar de Maricunga SpA, Felipe Kilian, among others.

At the ceremony, the Head of State emphasized that “today several things are coming together that relate to how we understand mining, which is different from how mining was understood in the 20th century. Because, on the one hand, we are aware that there is significant wealth here that will finance hospitals, highways, improvements in education, and innovation projects. And that, at the end of the day, is very good for Chile and is wealth that ordinary people will see in their communities, as we have done with copper through the Royalty Law.”

Meanwhile, Minister Aurora Williams highlighted that “the State of Chile updated the contract granted to Codelco for its project in Maricunga, making it possible to sign the second CEOL this morning within the framework of the strategy, with a clear commitment to articulating a public-private alliance that will make it possible to significantly increase the lithium production of our country.”

Meanwhile, Máximo Pacheco added that “this CEOL allows us to consolidate a larger-scale integrated project in Maricunga, with modern governance rules and a fluid relationship with the communities. We are moving forward with a sense of urgency and with standards that safeguard the environment and the development of the territory.”

Other CEOL updates

The modification of the CEOL extends the exploration and prospecting phase by four years, allowing for improved hydrogeological characterization of the salt flat and progress in defining a larger-scale, environmentally sustainable integrated project.

As part of the CEOL update process, an Indigenous Consultation was conducted with the communities near Maricunga, resulting in improvements to governance and shared value. The CEOL establishes contributions for Indigenous communities within the territory, as well as contributions for local development and sustainable productive development. Furthermore, it creates a Governance Committee with representatives from Salar de Maricunga SpA and each Indigenous community to ensure ongoing dialogue, monitor commitments, and address issues related to Indigenous rights.

Regarding the next steps, Salar de Maricunga SpA will continue to fulfill the conditions precedent to finalize the partnership agreement with Rio Tinto. The modification of this CEOL is one of those conditions; others remain, such as obtaining free competition approvals in some foreign countries, which is projected to be achieved during 2026. “We are working in a coordinated manner to fulfill the conditions precedent and thus begin a new stage that will contribute to Chile's leadership in lithium production,” added Felipe Kilian, General Manager of Salar de Maricunga SpA.

Codelco reaffirms its commitment to the responsible development of lithium in Maricunga, focusing on operational excellence, sustainability and value creation for Chile and its inhabitants.

Codelco