Rio Tinto completes acquisition of Rincon lithium project
(Posted on 30/03/22)
Rio Tinto has completed the acquisition of the Rincon lithium projectin Argentina for $825 million, following approval from Australia’s Foreign Investment Review Board (FIRB).
A binding agreement to purchase the project from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity Partners, was announced in December 2021.
Rincon is a large undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects. The project is a long life, scaleable resource capable of producing battery grade lithium carbonate. It has the potential to have one of the lowest carbon footprints in the industry.
Rio Tinto Chief Executive Jakob Stausholm said “Rincon strengthens our battery materials business and positions Rio Tinto to meet the double-digit growth in demand for lithium over the next decade, at a time when supply is constrained. We will be working with local communities, the Province of Salta and the Government of Argentina as we develop this project to the highest ESG standards.”
The direct lithium extraction technology proposed for the project has the potential to significantly increase lithium recoveries as compared to solar evaporation ponds. A pilot plant is currently running at the site and further work will focus on continuing to optimise the process and recoveries.
The market fundamentals for battery grade lithium carbonate are strong, with lithium demand forecast to grow 25-35% per annum over the next decade with a significant supply demand deficit expected from the second half of this decade.
This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.
Latest News
NGFA applauds reintroduction of HAULS Act
(Posted on 24/12/25)The National Grain and Feed Association (NGFA) has applauded Senator Deb. Fischer’s (R-Neb.) reintroduction... Read more
Anglo American and Teck receive approval for merger of equals
(Posted on 18/12/25)Anglo American plc and Teck Resources Limited have received regulatory approval from the Government... Read more
Rhodes Ridge $191m feasibility study on Pilbara iron ore mine
(Posted on 18/12/25)The Rhodes Ridge Joint Venture has approved a $191 million (A$294 million) (Rio Tinto share $96 million... Read more
Strong metals trading as Trafigura publishes annual results
(Posted on 09/12/25)Trafigura Group Pte Ltd, a global leader in the commodities industry, has announced its financial results... Read more
Rio Tinto’s Nuton technology produces first copper
(Posted on 09/12/25)Rio Tinto has successfully produced the first copper from the Johnson Camp mine in Arizona using its... Read more
US soy and Uzbekistan sign MoU to expand trade
(Posted on 02/12/25)The American Soybean Association’s World Initiative for Soy in Human Health programme and the... Read more
KNAC and Rio Tinto sign updated agreement
(Posted on 02/12/25)Karlka Nyiyaparli Aboriginal Corporation (KNAC) Registered Native Title Body Corporate and Rio Tinto... Read more
OCI Global announces sale of OCI Ammonia Holding to AGROFERT
(Posted on 02/12/25)OCI Global, a leading global producer and distributor of nitrogen products has announced that it has... Read more
Court of Appeal confirms permit for new steel plant in Luleå
(Posted on 24/11/25)In December 2024, SSAB was granted a permit by the Land and Environment Court at Umeå District... Read more
Simandou partners celebrate start of operations
(Posted on 15/11/25)The President of the Republic of Guinea has joined project partners WCS1, Baowu, Chinalco and Rio Tinto... Read more
