Rio invests in starter project at Rincon
PERTH (miningweekly.com) – The board of miner Rio Tinto has approved a $190-million investment to develop a small starter battery-grade lithium carbonate plant at its Rincon project, in Argentina.
Rio in April completed the $825-million acquisition of the project, which is located in the heart of the lithium triangle in the Salta province of Argentina.
Rio told shareholders in its interim report that the starter operation would have a 3 000 t/y capacity and first saleable production in 2024.
The funding approval also includes early works to support a full-scale operation, including power line and associated substations, construction camp and airstrip.
“We have undertaken considerable reviews and baseline studies in the last quarter, including safety and environmental, working closely with the government of Salta on permitting requirements,” Rio told shareholders.
“In early July, we were granted a permit by the provincial regulators and have commenced an exploration campaign to further understand Rincon’s basin and brine reservoir. We will continue to engage with local communities, the province of Salta and the government of Argentina to ensure open and transparent dialogue on the work plans."
The company recently signed a memorandum of understanding with automotive giant Ford Motor Company to jointly develop more sustainable and secure supply chains for battery and low-carbon materials to be used in Ford’s vehicles.
Under the agreement, Ford will explore becoming the foundation customer for Rincon, and the two companies will also collaborate on developing secure domestic supply chains for Ford across other essential commodities for the energy transition from Rio Tinto’s operations in North America, including copper produced with a low-carbon footprint.
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