Anglo-Australian mining company Rio Tinto has closed an $825m deal to take over the Rincon lithium project in Argentina from Rincon Mining.
The deal was completed after clearance from Australia’s Foreign Investment Review Board (FIRB).
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In December 2021, Rio Tinto signed a binding agreement to purchase Rincon, an undeveloped lithium brine project in the lithium triangle in the Salta Province.
With a reduced carbon footprint, the Rinco project is anticipated to produce battery-grade lithium carbonate.
Rio Tinto CEO Jakob Stausholm said: “Rincon strengthens our battery materials business and positions Rio Tinto to meet the double-digit growth in demand for lithium over the next decade, at a time when supply is constrained.
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“We will be working with local communities, the Province of Salta and the Government of Argentina as we develop this project to the highest ESG standards.”
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By GlobalDataThe direct lithium extraction technology recommended for the project is expected to have the ability to significantly boost lithium recoveries compared to solar evaporation ponds.
A pilot plant is currently operating at the site. Further work is planned to accelerate the process and recoveries.
Earlier this month, Rio Tinto made a $2.7bn offer to acquire the remaining interest in Canadian mining company Turquoise Hill.
At present, Rio Tinto has a 50.8% interest in Turquoise Hill, which has a 66% stake in the Oyu Tolgoi copper-gold mine in Mongolia.
