Rio Tinto announced a US$2.5 billion investment to expand its Rincon lithium project in Argentina, marking its first commercial-scale lithium operation. This initiative underscores the company's commitment to establishing a world-class battery materials portfolio.

The Rincon project, located in Argentina's lithium-rich region, will produce 60,000 tons of battery-grade lithium carbonate annually, including a 3,000-tonne starter plant and a 57,000-tonne expansion plant. Construction of the expanded plant is set to begin in mid-2025, with production starting in 2028 and full capacity reached by 2031. The mine's expected lifespan is 40 years.

Rio Tinto CEO Jakob Stausholm emphasized the project's strategic importance, highlighting its cost-efficiency, advanced water-saving technologies, and alignment with Argentina's supportive economic policies. This investment positions Rio Tinto as a key player in the global lithium market while boosting Argentina's ambitions as a leading lithium producer.