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’s Salta Province.
The financing package includes loans from the International Finance Corporation (IFC), IDB Invest, Export Finance Australia (EFA), and the Japan Bank for International Cooperation (JBIC). The funds will help advance the $2.5 billion Rincon lithium project, which is designed to produce approximately 60,000 tonnes of battery-grade lithium carbonate annually.
Construction of the facility began last year, including the expansion of on-site camp infrastructure and other site development activities. Rio Tinto expects the project to begin production in 2028, followed by a three-year ramp-up period to reach full production capacity.
The Rincon project is expected to have a mine life of approximately 40 years. The company previously reported a production target of around 53 kilotonnes of battery-grade lithium carbonate annually over that period, with plans to increase capacity to 60 kilotonnes per year through debottlenecking and improvement programs.
Rio Tinto said the financing agreement strengthens its funding structure while supporting its broader lithium growth strategy tied to global energy-transition demand.
KEY QUOTE:
“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.”
Jérôme Pécresse, Chief Executive Aluminium & Lithium, Rio Tinto
