Rio Tinto Invests $2.5 Billion to Expand Argentina Lithium Project
(Reuters) - Rio Tinto said on Thursday it plans to invest $2.5 billion to ramp up production capacity at the miner's Rincon lithium project in Argentina.
As part of the ramp up, the project's capacity will reach 60,000 tonnes, including a 3,000-tonne starter plant and 57,000-tonne expansion plant, according to Rio Tinto. The Rincon project earlier had a capacity of 53,000 tonnes.
"The attractive long-term outlook for lithium driven by the energy transition underpins our investment in Rincon," Rio Tinto CEO Jakob Stausholm said.
Construction of the newly expanded plant is scheduled to begin mid-2025, with initial production from Rincon is expected in 2028.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Shounak Dasgupta)
