While acknowledging advances in legal recognition of Indigenous rights, much of the research literature positions negotiated agreements between Indigenous peoples and corporations simply as ‘neoliberal technology’ that gives the appearance of Indigenous consent while allowing exploitation to continue. This analysis is flawed in considering agreements as discrete, stand‐alone phenomena. It ignores the possibility that Indigenous peoples may use agreements as part of broader strategies to achieve control over extractive industry activity and to secure a share of ‘development’ benefits — strategies that involve selective engagement with the state. This article supports its argument by locating an agreement between the Chilean lithium mining company, Albemarle, and the Council of Atacameño Peoples within a broad and sustained strategy by Atacameño people to address the negative impacts of mining in the Salar de Atacama, Chile, while securing its economic benefits. This strategy includes using the agreement to voice Atacameño territorial claims and environmental concerns to the state, and to insist that the state lives up to its responsibilities. The analysis leads to a fuller appreciation of the agency exercised by Indigenous peoples in dealing with the sustained expansion of extractive activity on their territories, and a more nuanced understanding of negotiated agreements between Indigenous peoples and mining corporations and between Indigenous people and the state.