Rio Tinto obtains $1.17bn for lithium project in Argentina

Rio Tinto has obtained a financing bundle totalling $1.17bn (£872.27m) to beforehand the Rincon lithium task successful Salta Province, Argentina.

The backing is being provided by the International Finance Corporation (IFC), Export Finance Australia (EFA), IDB Invest and the Japan Bank for International Cooperation (JBIC).

This fiscal backing volition assistance successful the improvement of the Rincon project, which requires an estimated concern of $2.5bn and aims to nutrient astir 60,000 tonnes per annum (tpa) of battery-grade lithium carbonate.

The works operation commenced past year, incorporating campy enlargement and tract infrastructure development.

It is acceptable to commence accumulation successful 2028, with a gradual summation to afloat capableness implicit a three-year period.

The Rincon lithium task is expected to stay operational for 40 years.

Rio Tinto aluminium and lithium main enforcement Jérôme Pécresse said: “This financing bundle broadens our backing sources for the Rincon task and supports the continued execution of our lithium maturation pipeline, which is underpinned by the charismatic semipermanent outlook driven by the vigor transition.

“We admit the beardown enactment from IFC, IDB Invest, Export Finance Australia and JBIC arsenic we advancement the Rincon project.”

Earlier this month, Rio Tinto approved a £354.61m concern for the Zulti South task astatine Richards Bay Minerals (RBM) successful South Africa, lifting the suspension that had been successful effect since January 2020.

This concern is intended to widen the mine's operational beingness until 2050, maintaining accumulation astatine RBM.

Presently, RBM operates from the Zulti North lease area, which includes a mineral separation works and a smelting facility.

"Rio Tinto obtains $1.17bn for lithium task successful Argentina" was primitively created and published by Mining Technology, a GlobalData owned brand.

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