LONDON--(BUSINESS WIRE)-- Rio Tinto has approved $2.5 billion1 to expand the Rincon project in Argentina, the company’s first commercial scale lithium operation, demonstrating its commitment to building a world-class battery materials portfolio.
“Building on Argentina's supportive economic policies, skilled workforce, and exceptional resources we are positioning ourselves to become one of the top lithium producers globally. This investment alongside our proposed Arcadium acquisition ensures that lithium will become one of the key pillars of our commodity portfolio for decades to come.”
This investment supports Argentina’s ongoing ambitions to become a world-leading lithium producer. Argentina's economic reforms and the new Incentive Regime for Large Investments (‘RIGI’) provide a favourable environment for investment, offering benefits such as lower tax rates, accelerated depreciation, and regulatory stability for 30 years, protecting the project from future policy changes, as well as enhanced investor protections.
