The Rio Tinto business group and multinational has joined the Incentive Regime for Large Investments (RIGI) with plans to produce and export 60,000 tons of lithium carbonate per year starting in 2028 in the province of Salta. The announcement was made by the Minister of Economy, Luis Caputo. This is the eleventh RIGI project presented, which has been highlighted as a vote of confidence in Argentina by one of the leading mining companies worldwide.
In March 2022, Rio Tinto acquired Rincón Mining Pty Ltd, the owner of the project in Salta. After the corresponding review, the multinational requested authorization for the construction of a demonstration plant capable of producing 3,000 tons annually of battery-grade lithium carbonate. The construction of the commercial plant is expected to start once the necessary environmental permits from the Salta government, under the direction of Gustavo Sáenz, are obtained. This process is estimated to require the hiring of 2,600 workers.
In December of last year, the board of Rio Tinto approved a project to produce 53,000 tons annually of battery-grade lithium carbonate using direct lithium extraction (DLE) technology, which allows lithium to be obtained within 24 hours. During that month, President Javier Milei had a conversation with the CEO of the Rio Tinto Group, Jakob Stausholm, who thanked the president for his support for RIGI, highlighting its importance in persuading shareholders to continue investing in Argentina.
Founded in 1873, Rio Tinto is known for its diverse production of metals and minerals. The strategic lithium export project in Rincón, Salta, has an estimated value of 2.7 billion dollars and represents an important step in the development of this industry in the region.
