Rio Tinto secures $1.18bn financing for Rincon lithium project
Diversified miner Rio Tinto has secured a $1.175-billion financing package from four international lenders to support development of the Rincon lithium project in Argentina.
The package comprises loans from the International Finance Corporation, IDB Invest, Export Finance Australia and the Japan Bank for International Cooperation.
The proceeds will support development of the $2.5-billion project, which is targeting about 60 000 t/y of battery-grade lithium carbonate production.
Construction of the plant started last year, including camp expansion works and the development of site infrastructure.
First production from the expanded operation is expected in 2028, followed by a three-year ramp-up to full capacity. The project is expected to have a mine life of about 40 years.
“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," commented Jérôme Pécresse, Rio Tinto CEO of Aluminium and Lithium.
Meanwhile, Reuters reported this week that Rio Tinto had completed the first commercial shipment of lithium carbonate from Rincon.
The shipment comprised about 200 t of lithium carbonate produced at the project’s existing 3 000 t/y starter plant and was exported from the Port of Buenos Aires to Shanghai, in China.
The starter plant represents the initial phase of the project, producing relatively small volumes while Rio Tinto advances the construction of the much larger expansion.
Once completed, the expanded facility will add about 57 000 t/y of additional capacity, bringing the project’s total targeted output to about 60 000 t/y of battery-grade lithium carbonate.
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