Rio Tinto assesses new lithium plant in Argentina, copper opportunities
SAN FERNANDO DEL VALLE DE CATAMARCA, Argentina – Rio Tinto is evaluating the construction of a new lithium plant in Argentina that would require about $1-billion in additional investment, Chief Executive Simon Trott said.
Trott said the mining company plans to submit the Fenix II project, planned for the Hombre Muerto salt flat in Catamarca province, to Argentina's incentive regime for large investments next year.
"It's under consideration; it would be the next phase of expansion," Trott said during a visit to Argentina this week.
A final investment decision could be made toward the end of the decade.
Trott spoke on Wednesday, as the Anglo-Australian miner inaugurated two new lithium plants at Hombre Muerto.
Argentina, Bolivia and Chile make up the "Lithium Triangle," a region that holds 60% of the world's lithium reserves, a key ingredient in electric-vehicle batteries.
Rio Tinto has a $4.4-billion investment pipeline in Argentina.
The company is also exploring options to advance copper projects in the country, Trott said.
Under President Javier Milei, Argentina is seeking to position itself as a leading investment destination through market-friendly reforms and a tax incentive framework for large-scale projects.
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