Australian mining giant Rio Tinto has secured a $1.175 billion financing package from four international lenders to support the development of its Rincon lithium project in Argentina’s Salta province. The funding will help advance the $2.5 billion project, which aims to strengthen the company’s position in the rapidly growing global lithium market.
The financing package includes loans from the International Finance Corporation, a member of the World Bank Group, IDB Invest, Export Finance Australia, and the Japan Bank for International Cooperation. According to Rio Tinto, the funds will support the construction and development of the Rincon project, which is expected to produce around 60,000 tonnes of battery-grade lithium carbonate annually.
The company said the financing would diversify its funding sources as it expands its lithium portfolio to meet rising demand driven by the global energy transition. On Tuesday, Rio Tinto also announced its first commercial shipment of lithium carbonate from the Rincon project, marking the official start of exports from the northern Argentina mine.
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