https://www.miningweekly.com
Iron Ore|Mining|PROJECT|Resources|Environmental
Iron Ore|Mining|PROJECT|Resources|Environmental
iron-ore|mining|project|resources|environmental

Rio Tinto to invest $350m in Argentina lithium project

The Rincon project site in Argentina

The Rincon project site in Argentina

19th March 2024

By: Reuters

  

Font size: - +

Global miner Rio Tinto will invest $350-million at its Rincon lithium plant in Argentina as it works to begin production by the end of the year, the company said this week following CE Jakob Stausholm's visit to the site.

"The hard work of our Rincon team is laying the groundwork for our first lithium production by year's end," he said in a statement to Reuters late on Monday, after a recent trip to the project in the northern province of Salta.

Rio Tinto, the world's biggest iron ore producer, is one of the few large mining companies betting on lithium even as counterparts such as BHP stay away from investing in the metal, which is used in electric vehicle batteries.

The company purchased the Rincon project from Rincon Mining in 2022 for $825-million and plans to develop a battery-grade lithium carbonate plant with an annual capacity of 3 000 tons.

Rio Tinto said it is working with local communities and authorities to ensure environmental standards.

Argentina, part of a so-called "lithium triangle" with Chile and Bolivia which holds half the world's resources of the mineral, has increasingly attracted investment from international lithium miners.

The country's lithium production increased more than 45% from 2022 to 2023, according to the US Geological Survey, reaching 9 600 metric tons.

Edited by Reuters

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

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

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

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
PLUS
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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.122 0.163s - 128pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: