Rio Tinto to Acquire Rincon Mining Lithium Project
Rio Tinto has entered into a binding agreement to acquire the Rincon lithium project in Argentina from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity Partners, for $825 million.
December 22, 2021. By News Bureau
The acquisition demonstrates Rio Tinto’s commitment to build its battery materials business and strengthen its portfolio for the global energy transition.
Rincon is a large undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects.
The project is a long life, scaleable resource capable of producing battery grade lithium carbonate. It has the potential to have one of the lowest carbon footprints in the industry that can help deliver on Rio Tinto’s commitment to decarbonise its portfolio.
Rio Tinto Chief Executive Jakob Stausholm said “This acquisition is strongly aligned with our strategy to prioritise growth capital in commodities that support decarbonisation and to continue to deliver attractive returns to shareholders. The Rincon project holds the potential to deliver a significant new supply of battery-grade lithium carbonate, to capture the opportunity offered by the rising demand driven by the global energy transition. It is expected to be a long life, low-cost asset that will continue to build the strength of our Battery Materials portfolio, with our combined lithium assets spanning the US, Europe and South America.”
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