Rio Tinto to invest $2.5 billion to expand Rincon lithium project capacity to 60,000 tonnes per year
12 Diciembre 2024 - 6:08AM
Business Wire
Rio Tinto has approved $2.5 billion1 to expand the Rincon
project in Argentina, the company’s first commercial scale lithium
operation, demonstrating its commitment to building a world-class
battery materials portfolio.
Rincon's capacity of 60,000 tonnes of battery grade lithium
carbonate per year is comprised of the 3,000-tonne starter plant
and 57,000-tonne expansion plant. Rincon’s mine life is expected to
be 40 years2, with construction of the expanded plant scheduled to
begin in mid-2025, subject to permitting. First production is
expected in 2028 followed by a three-year ramp up to full capacity,
generating significant job creation and economic opportunities for
local businesses.
Rio Tinto Chief Executive Jakob Stausholm said: “The attractive
long-term outlook for lithium driven by the energy transition
underpins our investment in Rincon. We are dedicated to developing
this tier 1, world-class resource at scale at the low end of the
cost curve. We are equally committed to meeting the highest ESG
standards, leveraging our advanced technology to halve the amount
of water used in processing, while continuing to grow our mutually
beneficial partnerships with local communities and Salta
province.
“Building on Argentina's supportive economic policies, skilled
workforce, and exceptional resources we are positioning ourselves
to become one of the top lithium producers globally. This
investment alongside our proposed Arcadium acquisition ensures that
lithium will become one of the key pillars of our commodity
portfolio for decades to come.”
Located in the heart of the ‘lithium triangle’ in Argentina, the
Rincon project consists of brine extraction using a production
wellfield, processing and waste facilities, as well as associated
infrastructure. The project uses direct lithium extraction (DLE)
technology, a process that supports water conservation, reduces
waste and produces lithium carbonate more consistently than other
methods.
Rincon is a large3, long-life asset with Ore Reserves 60% higher
than we assumed at the time of acquisition. It is expected to be in
the first quartile of the cost curve, demonstrating resilience and
ability to operate profitably through the cycle.
This investment supports Argentina’s ongoing ambitions to become
a world-leading lithium producer. Argentina's economic reforms and
the new Incentive Regime for Large Investments (‘RIGI’) provide a
favourable environment for investment, offering benefits such as
lower tax rates, accelerated depreciation, and regulatory stability
for 30 years, protecting the project from future policy changes, as
well as enhanced investor protections.
This announcement is authorised for release to the market by
Andy Hodges, Rio Tinto’s Group Company Secretary.
1 Included in the Group’s capital expenditure guidance provided
at Rio Tinto’s Investor Seminar on 4 December 2024. 2 The
production target of approximately 53 kt of battery grade lithium
carbonate per year for a period of 40 years was previously reported
in a release to the ASX dated 4 December 2024 titled “Rincon
Project Mineral Resources and Ore Reserves: Table 1”. Rio Tinto
confirms that all material assumptions underpinning that production
target continue to apply and have not materially changed. Plans are
in place to build for a capacity of 60 kt of battery grade lithium
carbonate per year with debottlenecking and improvement programs
scheduled to unlock this additional throughput. 3 See ASX release
dated 4 December 2024 titled “Rincon Project Mineral Resources and
Ore Reserves: Table 1" for details of Mineral Resources and Ore
Reserves.
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