Carey, Sullivan & Cromwell and others advised Chilean Codelco’s lithium exploration
Carey and Sullivan & Cromwell have acted on the Corporación Nacional del Cobre de Chile (Codelco)’s agreement with Rio Tinto subsidiary to develop a lithium exploration and exploitation project in the Maricunga salt flat.
The transaction, which closed on May 19, 2025, followed a highly competitive partner selection process involving major international players in the lithium industry. It also included the preparation and negotiation of ancillary contracts and related documents. It will be executed through Salar de Maricunga, the entity that holds the Special Lithium Operation Contract (CEOL) signed with the Chilean State in 2019.
Codelco will be the controlling shareholder with 50.01% of the shares, and Rio Tinto will hold the remaining 49.99%, with an investment commitment of up to USD900 million for the development of the project, which will produce between 30,000 and 50,000 tons of lithium carbonate per year for a 30-year period.
Codelco and Rio Tinto already have an alliance in the copper sector through the Nuevo Cobre company, however, this would be their first lithium project.
Chile and UK were the two jurisdictions involved. Carey lawyers were comprised by partners Rafael Vergara (pictured left), Cristián Eyzaguirre, Francisco Carey, Patricia Silberman, José Pardo, Julio Recordon, as well as Maximiliano Urrutia, Enzo Devoto, Ismael Bahamonde, Andrés Ibarra and José Pablo Sáez.
Other firms also assisted with the transaction. Sullivan & Cromwell acted as the counsel to Codelco with partners Sergio Galvis, Werner Ahlers and associates Estefania Souza, Carolina Van Der Laat and Andrew Brod.
Cariola Díez Pérez-Cotapos was the legal adviser to Rio Tinto, led by partner Gonzalo Grez (pictured right), and associate Lucas Antúnez. Their M&A/Mining team also participated and was comprised by senior associates María Belén Fuenzalida and Cristóbal Herrera along with associates Macarena Salazar, Pablo Sotomayor and Agustín Gonzalez.
Ashurst was also a counsel to Rio Tinto with partners Kylie Lane and Paul Lingard, as well as associate Jonathan Bisset.
The in-house lawyers from Codelco were Macarena Vargas (VP legal) and Rodrigo Leichtle (lawyer). From Rio Tinto, Paul Brimacombe was the chief counsel, and corporate counsels were Michael Cottee and Giannina Veniú. Rothschild and Co. was the financial advisor.
