Rio Tinto, the British-Australian mining giant, has announced a $2.5 billion investment to expand its Rincon lithium project in Argentina. The expansion is set to increase the mine’s capacity to produce up to 60,000 tonnes of battery-grade lithium carbonate annually. Pending regulatory approval, construction is expected to commence in mid-2025, with full production slated for 2028.
Located in Argentina’s renowned “lithium triangle,” the Rincon project employs direct lithium extraction technology to harvest lithium from brine. This method significantly conserves water resources and consistently yields high-quality lithium carbonate.
Rio Tinto’s Chief Executive, Jakob Stausholm, highlighted the company’s commitment to environmental, social, and governance (ESG) standards, stating, “We are committed to meeting the highest ESG standards, leveraging our advanced technology to halve the amount of water used in processing while continuing to grow our mutually beneficial partnerships with local communities and Salta province.”
The Rincon project is envisioned to have a 40-year lifespan, reflecting Rio Tinto’s dedication to establishing Argentina as a leading global lithium producer. Stausholm added, “Building on Argentina’s supportive economic policies, skilled workforce, and exceptional resources, we are positioning ourselves to become one of the top lithium producers globally. The attractive long-term outlook for lithium driven by the energy transition underpins our investment in Rincon. We are dedicated to developing this tier 1, world-class resource at scale at the low end of the cost curve.”
In October, Rio Tinto expanded its lithium portfolio by committing $6.7 billion to acquire the U.S.-based company Arcadium Lithium. This acquisition provides Rio Tinto access to lithium mines, processing facilities, and deposits in Argentina, Australia, Canada, and the United States.
Source: Electrive
