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Recently, global mining giant Rio Tinto announced that it has approved a $2.5 billion investment to expand its Rincon lithium project in Argentina. Rincon's annual production capacity is 60000 tons of battery grade lithium carbonate, consisting of a 3000 ton start-up plant and a 57000 ton expansion plant.
It is reported that the construction of a 3000 ton lithium carbonate preparation plant in Rincon, Argentina continues to advance and the first batch of products has been delivered. The expansion factory is planned to start construction in mid-2025, but permission is required. It is expected to be put into production for the first time in 2028, and then reach full capacity production after three years of improvement.
In addition, on December 4th, Rio Tinto Group held a 2024 investor seminar in London to introduce the latest developments in the company's investment strategy.
Rio Tinto CEO Jakob Stausholm said, "As we steadily increase production at the Oyu Tolgoi underground copper mine, deliver the Simandou high-grade iron ore project in Guinea, and expand our lithium business through the proposed acquisition of Arcadium, we are laying the foundation for profitable growth over the next decade. We plan to utilize a robust balance sheet to fully unleash and accelerate the development potential of the Arkadim Level 1 project to meet future growth needs
Battery Network noticed that in October this year, Rio Tinto Group announced the acquisition of American lithium company Arkham for $6.7 billion, with a premium of 90%.
Rio Tinto Group stated that after the completion of the Arkham transaction, it is expected to accelerate its investment in production projects in Argentina and Canada.

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