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Rio Tinto (New York Stock Exchange: RIO) plans spend $350 million at its Rincón lithium plant in Argentina, underscoring its commitment to starting production later this year, CEO Jakob Stausholm said this week after visiting the site.
The hard work of “Our Rincón team is laying the groundwork for our first lithium production by the end of the year,” Stausholm said in a statement to Reuters.
Rio (RIO) acquired the Rincón project from Rincon Mining in 2022 for $825 million and plans to develop a lithium carbonate plant for batteries with a capacity of 3,000 tons per year.
The company said it is working with communities and local authorities to ensure environmental standards.
Rio (RIO) is one of the few major mining companies betting on lithium, as rivals such as BHP stay away from investing in the metal.
