Financial disclosures by Rio Tinto or financial news reports

Rio Tinto Invests $2.5B to Expand Rincon Lithium Project in Salta, Argentina

Dec 12, 2024, 01:00 PM

Rio Tinto has approved a $2.5 billion investment to expand its Rincon lithium project in Argentina, aiming to increase its production capacity to 60,000 tonnes of battery-grade lithium carbonate per year. The project, located in the Salta province, will see construction of an expanded plant starting in mid-2025, with first production expected in 2028. The expansion includes a 3,000-tonne starter plant and a 57,000-tonne expansion plant, with the entire operation expected to have a lifespan of 40 years. The investment is part of Rio Tinto's commitment to developing a world-class battery materials portfolio, utilizing Direct Lithium Extraction (DLE) technology to reduce water usage and meet high ESG standards. The project also aims to strengthen partnerships with local communities in Salta province and is supported by Argentina's economic reforms and the new Incentive Regime for Large Investments (RIGI).