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NEW YORK–(BUSINESS WIRE)–
Rio Tinto has secured a $1.175 billion financing bundle from 4 worldwide lenders to help growth of the Rincon lithium venture in Argentina’s Salta Province.
The bundle includes loans from the International Finance Corporation (IFC), IDB Invest, Export Finance Australia (EFA) and the Japan Bank for International Cooperation (JBIC).
The proceeds shall be used to help growth of the $2.5 billion Rincon lithium venture, which is focusing on roughly 60,000 tonnes1 of annual battery grade lithium carbonate capability.
Construction of the plant began final yr together with camp enlargement works and growth of website infrastructure. First manufacturing is predicted in 2028 with a three-year ramp-up to full capability. Rincon is predicted to have a 40-year mine life.
Rio Tinto’s Chief Executive Aluminium & Lithium Jérôme Pécresse mentioned: “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.”
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1 A manufacturing goal of roughly 53 kt of battery grade lithium carbonate per yr for a interval of 40 years was beforehand reported in a launch to the ASX dated 4 December 2024 titled “Rincon Project Mineral Resources and Ore Reserves: Table 1”. Rio Tinto confirms that every one materials assumptions underpinning that manufacturing goal proceed to use and haven’t materially modified. Plans are in place to construct for a capability of 60 kt of battery grade lithium carbonate per yr with debottlenecking and enchancment packages scheduled to unlock this extra throughput. |
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