Rio Tinto to invest $350 million in Argentina’s Rincon lithium project
Argentina 
BUENOS AIRES, March 20, 2024 – Rio Tinto is planning an investment of USD 350 million at the Rincon lithium project in Argentina, Reuters reported on Wednesday.
The project aims to produce battery-grade lithium carbonate from raw brine, with production slated to begin later this year. The development will include a lithium carbonate plant with a capacity of 3,000 tonnes per year.
Details on the investment were not provided.
In 2022, the London-headquartered miner spent USD 825 million to acquire the Argentina project from local player Rincon Mining.
Rio Tinto, produces iron ore, copper, aluminium from its operations in 35 countries. It is known as the world’s largest producer of iron ore.
The company aims to decarbonise its operations by 2050, and cites the lithium project as one avenue in this plan.
Photo of the Rincon project site courtesy of Rio Tinto.
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