It looks like that deal is very recent which is good to see. The other three bidders are probably also looking at other projects. Maybe Rio isn't done yet either.
"Codelco expects the JV transaction to be finalised by Q1 2026. Its chairman Máximo Pacheco notes Rio Tinto was selected after an “extraordinarily competitive” process involving four bidding submissions. Without disclosing the other companies, he explained that national and international advisors agreed Rio offered a “solid financial position and experience and credentials developing lithium brine projects and associated technology.”
“This project continues our lithium diversification strategy, which is essential for the energy transition, with a world-class partner like Rio Tinto and which represented the most attractive option for Codelco and the country,” Pacheco adds."
