Rio Tinto, which could be granted an intellectual property permit if its DLE technology is used for the project, will hold a majority of seats on a technical committee with Codelco, and move to a 50-50 split once production begins, according to a filing with Chile's financial regulator.

Canadian innovator Volt Lithium has been among the industry pioneers, exploring DLE in the oil production hotspot—the Permian Basin. Its founder and CEO, Alex Wylie, told Benzinga last year about the steep learning curve in DLE development.

Diversified global miner Rio Tinto (NYSE:RIO) has made the next significant step into battery metals, committing $900 million for a 49.99% stake in Chile's Salar de Maricunga, a world-class lithium project controlled by the Chilean state-owned miner Codelco.