Building|Exploration|Iron Ore|Mining|PROJECT|Projects
Building|Exploration|Iron Ore|Mining|PROJECT|Projects

Rio Tinto sees building its own lithium mines as better than buying

Rio Tinto CEO Jakob Stausholm

Rio Tinto CEO Jakob Stausholm

19th September 2023

By: Bloomberg


Font size: - +

Riio Tinto Group wants to be a “meaningful” lithium producer, but is more focused on finding and building its own mines than joining the wave of dealmaking engulfing the industry, said CEO Jakob Stausholm.

“We would rather use our competencies to develop the projects ourselves,” Stausholm in an interview with Bloomberg Television. “Lithium companies right now are very expensive. We can believe we can find much cheaper ways to get it done.”

The world’s second-largest mining company is actively looking to grow in lithium, a key ingredient to make batteries for electric vehicles, a strategy that sets it apart from rivals like BHP Group that have so far steered clear of the tiny but fast-growing market.

Rio has already bought a mine in Argentina for $825-million, while plans for a flagship lithium project in Serbia were dashed last year when the government blocked the development after thousands of protesters took to the streets to oppose it.

Stausholm also confirmed that the company has secured exploration land to look for lithium in Western Australia — where its giant iron ore mines that drive its profit are based. The region has been at the center of major dealmaking in the industry.

Edited by Bloomberg


Latest News


Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.


Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/09/2023)
15th September 2023 By: Martin Creamer
Photo of Martin Creamer
Manganese Metal Company, Copper 360 make headlines
15th September 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.065 0.097s - 91pq - 2rq
Subscribe Now