Rio Tinto secures $1.18 billion for Argentina lithium project

Yesterday 23:15

Australian mining giant Rio Tinto has secured a $1.175 billion financing package from four international lenders to support the development of its Rincon lithium project in Salta province, Argentina. The funding comes from the International Finance Corporation, IDB Invest, Export Finance Australia, and the Japan Bank for International Cooperation.

The financing will help advance the $2.5 billion Rincon project, which aims to produce approximately 60,000 tonnes of battery-grade lithium carbonate annually. Rio Tinto emphasized that the package diversifies funding sources as it continues to expand its lithium growth pipeline in response to global demand driven by the energy transition.

This announcement follows the company’s first commercial shipment of lithium carbonate from the Rincon project, marking the official start of exports from the northern Argentine mine. Analysts note that the project strengthens Argentina’s position as a major player in the global lithium market, critical for electric vehicle batteries and renewable energy storage.