Rio Tinto announces that it will invest $2.5 billion to expand its Rincon project in Argentina, its first large-scale commercial lithium operation.
The project targets an annual capacity of 60,000 tonnes of battery-grade lithium carbonate, including an initial 3,000-tonne plant and a 57,000-tonne expansion. Construction will start in 2025, with production scheduled for 2028 and full capacity reached in 2031.
CEO Jakob Stausholm emphasizes lithium's long-term appeal, profitability and the company's commitment to high ESG standards, including halving water use.
The Rincon project, based on direct lithium extraction, will benefit from Argentina's favorable economic policies and 30 years of regulatory stability.
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Rio Tinto plc is one of the world's leaders in mining research, prospecting and operating. Net sales break down by family of products as follows:
- iron ore (57.4%): 287.7 Mt produced in 2024;
- aluminum, alumina and bauxite (24.2%): 58.6 Mt bauxite, 7.3 Mt alumina and 3.3 Mt aluminum produced;
- copper (8.8%) : 624 Kt produced;
- industrial minerals (5%): titanium dioxide pigments (990 Kt produced), borates (504 Kt produced) and salts (5.8 Mt produced);
- gold (1.5%) : 282,000 ounces produced;
- diamonds (0.5%) : 2.8 million carats produced;
- other (2.6%): uranium, silver, zinc and molybdenum.
Net sales are distributed geographically as follows: the United Kingdom (0.3%), Europe (4.8%), China (57.4%), Japan (6.5%), Asia (6.9%), the United States (16.8%), Canada (2.9%), Australia (2%) and other (2.4%).
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