Rio Tinto is to acquire Argentina's Rincon Lithium project from Rincon Mining For $825 million, the company said on Dec. 21.
The Rincon lithium mine is a large undeveloped brine lithium project, a long-life, scalable resource project capable of producing battery-grade lithium carbonate. It is located in the core of the Lithium Triangle in Salta Province, Argentina, and is an emerging hub of greenfield projects.
The proposed direct lithium extraction technology for the Rincon lithium project has the potential to significantly increase lithium recovery rates compared to solar evaporation ponds. A pilot plant is currently operating on site, and subsequent work will focus on continuing to optimize the process and recovery rate. In addition, as the project is currently owned by a fund managed by private Equity firm Sentient Equity Partners, the deal is subject to approval from Australia's Foreign Investment Review Board, which is expected to close in the first half of 2022.
Battery Network learned that Rio Tinto Group was founded in 1873, business includes four product groups, namely aluminum group, copper group, industrial minerals group, iron ore group, the company is currently actively seeking opportunities for energy transformation. The Rincon lithium project has the potential to have one of the lowest carbon footprints in the industry, helping Rio to meet its commitment to decarbonise its portfolio. The acquisition underscores Rio tinto's commitment to building its battery raw materials business and strengthening its portfolio to meet the needs of the global energy transition.
Rio Tinto Group CHIEF executive Jacob Stausholm said: "This acquisition is very consistent with our strategy to prioritise growth capital in commodities that support decarbonisation and to continue to deliver attractive returns to shareholders. The Rincon project has the potential to deliver significant new supplies of battery-grade lithium carbonate to take advantage of rising demand driven by the global energy transition. "This is expected to be a long-life, low-cost asset that will continue to build on the strength of our battery materials portfolio, which covers the US, Europe and South America with our lithium portfolio."
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