Rio Tinto purchased the Rincon project from Rincon Mining in 2022. Credit: ChameleonsEye via Shutterstock.com.

Global mining company Rio Tinto has earmarked $350m for its Rincon lithium project in Argentina, Reuters reported.

The move underscores the company’s commitment to commencing production by the end of the year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

This development comes after Rio Tinto CEO Jakob Stausholm recently visited the site, highlighting the strategic importance of the investment.

Stausholm was quoted by the news agency as saying: “The hard work of our Rincon team is laying the groundwork for our first lithium production by year’s end.”

In 2022, Rio Tinto acquired the Rincon project from Rincon Mining for $825m, and looks to establish a battery-grade lithium carbonate plant capable of producing 3,000 tonnes annually.

Rio Tinto is making a notable pivot by investing in lithium, a critical component for electric vehicle batteries, according to the news agency.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This decision contrasts with other major mining companies such as BHP, which have refrained from entering the lithium market.

Argentina is considered an important player in the “lithium triangle,” which also includes Chile and Bolivia.

The region is said to be home to half of the world’s lithium resources, making it a hot spot for international investment in lithium mining.

Rio Tinto’s investment is a testament to Argentina’s growing significance in the global push for electric vehicle production and renewable energy storage solutions.

Meanwhile, in January this year, it was reported that Rio Tinto intends to start the $20bn Simandou mining project in Guinea after an almost 27-year delay.

This project, hindered by various challenges including legal hurdles and corruption charges, covers iron ore extraction, rail and port development.