Rio Tinto has secured a $1.175 billion financing package from four international lenders to support the development of the Rincon lithium project in Argentina.
The funding includes loans from the International Finance Corporation, IDB Invest, Export Finance Australia and the Japan Bank for International Cooperation.
The financing will help fund the $2.5 billion Rincon lithium project located in Salta Province. The project is expected to produce about 60,000 tonnes of battery-grade lithium carbonate annually.
Construction of the processing plant began last year, including expansion of accommodation facilities and development of site infrastructure.
The project is expected to begin production in 2028, with operations ramping up to full capacity over three years. Rincon is projected to have a mine life of around 40 years.
Jérôme Pécresse, chief executive for Aluminium and Lithium at Rio Tinto, said the financing broadens the company’s funding sources as it advances development of its lithium projects.
