Rio Tinto (ASX, LON, NYSE: RIO) has announced its initial mineral resource and ore reserve estimates for the Rincon lithium project in Argentina, a key step in its bid to become a leading producer of battery metals.
The Rincon project boasts 11.68 million tonnes of lithium carbonate equivalent (LCE) across measured, indicated, and inferred resources, with 2.07 million tonnes classified as probable reserves. Acquired in 2022 for $825 million, the asset is located in Argentina’s lithium-rich Salta Province.
Rio Tinto plans to produce 53,000 tonnes of battery-grade lithium carbonate annually over Rincon’s 40-year mine life, with potential expansion to 60,000 tonnes per year. A pilot plant, set for completion by 2025, will have a capacity of 3,000 tonnes annually, supported by a $350 million investment.
The company is also pursuing the acquisition of Arcadium (ASX: LTM, NYSE: ALTM) to further expand its lithium portfolio, potentially positioning Rio as the world’s third-largest lithium producer.
Alongside Rincon, Rio is advancing its $2.4 billion Jadar lithium project in Serbia, despite legal challenges, highlighting its ambition to meet surging EV battery demand.
