Energy giant Eni is stepping deeper into the global lithium race, acquiring a 25% stake in EnergyX’s Black Giant project in northern Chile as it targets a foothold in the critical minerals market.

 

The deal gives Eni a significant position in Black Giant SpA, EnergyX’s Chilean subsidiary developing a lithium project near the Salar de Punta Negra. Eni’s total phased investment in the venture will reach $225 million.

 

The project will use EnergyX’s proprietary Direct Lithium Extraction (DLE) technology, designed to improve lithium recovery efficiency while reducing environmental impacts linked to traditional production methods. 

 

Unlike conventional evaporation ponds, Black Giant is planned as a closed-loop operation, with full reinjection of brine extracted from production wells.

 

At full capacity, Black Giant is expected to produce 52.5 kilotonnes per year of lithium carbonate equivalent (LCE) through a two-stage development plan.

 

The first phase will deliver Train 1, with production capacity of 7.5 kilotonnes per year and start-up targeted for 2028. A second phase will add additional production trains, contributing a further 45 kilotonnes per year, with operations expected to begin in 2030.

 

Under the agreement, Eni will secure a seat on Black Giant’s Board of Directors and gain the option to purchase up to 25% of total LCE production. The supply agreement will support Eni’s Gigafactory initiative in Brindisi, Italy, aimed at producing stationary lithium batteries.

 

Eni will also bring its global upstream expertise, energy infrastructure capabilities and operational experience to help accelerate the project’s development and move it toward commercial production.

 

The investment strengthens Eni’s push into the critical minerals sector as the company seeks to diversify supply chains and expand its role in the energy transition through strategic partnerships in high-value lithium projects.