Rio Tinto secures $1,175 billion financing package for Rincon lithium project in Argentina
NEW YORK–(BUSINESS WIRE)–Rio Tinto has secured a $1.175 billion financing package from four international lenders to support development of the Rincon lithium project in Argentina’s Salta Province.
The package comprises loans from the International Finance Corporation (IFC), IDB Invest, Export Finance Australia (EFA) and the Japan Bank for International Cooperation (JBIC).
The proceeds will be used to support development of the $2.5 billion Rincon lithium project, which is targeting approximately 60,000 tonnes1 of annual battery grade lithium carbonate capacity.
Construction of the plant started last year including camp expansion works and development of site infrastructure. First production is expected in 2028 with a three-year ramp-up to full capacity. Rincon is expected to have a 40-year mine life.
Rio Tinto’s Chief Executive Aluminium & Lithium Jérôme Pécresse said:
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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Rio Tinto secures $1,175 billion financing package for Rincon lithium project in Argentina, source
