Rio Tinto has secured a US$1.175 billion financing package from four international lenders for the development of its Rincon lithium project in Argentina’s Salta Province.
The financing package includes loans from the International Finance Corporation (IFC), IDB Invest, Export Finance Australia (EFA) and the Japan Bank for International Cooperation (JBIC).
Rio Tinto plans to use the funds to support the development of the US$2.5 billion Rincon lithium project, which is targeting approximately 60,000 tonnes of annual battery-grade lithium carbonate capacity.
Rio Tinto’s CEO for Aluminium & Lithium Jérôme Pécresse said: “This financing package broadens our funding sources for the Rincon project and supports the continued execution of our lithium growth pipeline, which is underpinned by the attractive long-term outlook driven by the energy transition.
“We appreciate the strong support from IFC, IDB Invest, Export Finance Australia and JBIC as we progress the Rincon project.”
The Rincon project is a large, low-cost lithium-brine asset located in the heart of the ‘lithium triangle’ in Argentina. Rio Tinto intends for the plant to be a source of rapidly produced, high-quality lithium for the global energy transition.
The project consists of brine extraction using a production wellfield, processing and waste facilities, as well as associated infrastructure.
The company is using direct lithium extraction (DLE) technology, a process that supports water conservation, reduces waste and produces lithium carbonate more consistently than other methods.
Construction of the plant started in 2025 including camp expansion works and development of site infrastructure. First production is expected in 2028 with a three-year ramp-up to full capacity. Rincon is expected to have a 40-year mine life.
