Rio Tinto To Invest $2.5 Bln To Expand Rincon Lithium Project In Argentina

(RTTNews) - Rio Tinto Plc. (RTPPF.PK, RIO.L, RIO, RTNTF.PK), a mining major, announced on Thursday that it has approved $2.5 billion investment to expand the Rincon project, the first commercial-scale lithium operation in Argentina. Jakob Stausholm, chief executive of Rio Tinto, said: "The attractive long-term outlook for lithium driven by the energy transition underpins our investment in Rincon."

Rincon's capacity of 60,000 tons of battery-grade lithium carbonate per year is comprised of the 3,000-ton starter plant and 57,000-ton expansion plant.

Rincon's mine life is expected to be 40 years, with construction of the expanded plant scheduled to begin in mid-2025.

First production is expected in 2028 followed by a three-year ramp up to full capacity.