Rio Tinto secures $1.18 billion for Argentina lithium

Rio Tinto Group, the major mining corporation headquartered in Australia, has finalized a $1.175 billion financing package to advance its Rincon lithium project in Argentina. The funding is provided by a group of international lenders, including the International Finance Corporation, IDB Invest, Export Finance Australia, and the Japan Bank for International Cooperation. This capital will support the development of the $2.5 billion project, which is designed to produce approximately 60,000 tonnes of battery-grade lithium carbonate per year. The company noted that the financing diversifies its funding base as it expands its lithium production capacity to address the requirements of the global energy transition. This development follows the first commercial shipment of lithium carbonate from the Rincon project earlier this week, signaling the official start of exports from the mine.