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Rio Tinto to Invest $2.5 Billion in Rincon Lithium Project, Boosting Capacity to 60,000 Tonnes Per Year in Argentina

Dec 13, 2024, 06:40 PM

Rio Tinto has announced a significant investment of $2.5 billion to expand its Rincon Lithium project in Argentina, aiming to increase production capacity to 60,000 tonnes per year. The expansion will occur in two phases, beginning with a 3,000-tonne starter plant followed by a larger 57,000-tonne facility. This investment is seen as a boost for Argentine President Javier Milei's efforts to attract foreign investment and deregulate the economy, amidst a backdrop of declining lithium prices globally. The Rincon project is noted as Rio Tinto's first commercial-scale operation in Argentina, reflecting the company's commitment to the lithium market, which is crucial for electric vehicle batteries.