Rio Tinto PLC has announced that its Rincon project in the Salta province of Argentina has produced its first batch of lithium carbonate and completed a commercial shipment. This marks the official start of exports from the project.
In a statement released late Monday, the company said a 200-tonne shipment was loaded into 10 containers and dispatched from the Port of Buenos Aires. The cargo will be transported to a warehouse before being distributed to markets in Asia.
The Rincon project is planned to ramp up production capacity to 53,000 tonnes per annum of battery-grade lithium carbonate starting from 2028.
The UK-based Anglo-Australian mining group stated that Argentina is a key component of its lithium strategy.
The announcement was made during "Argentina Week," an event organized by President Javier Milei in New York to attract investors.
Lithium is a mineral in high demand and is considered a critical material for the energy transition.
Background Rio Tinto maintains significant operations in Argentina, with its Phoenix project located in Catamarca province and its Olaroz project in Jujuy province, both used for lithium exports.
In February of this year, the company applied to the government's "Large Investment Incentive Regime," which offers tax and legal benefits. As part of the application, Rio Tinto plans to invest $2.7 billion to construct a new plant at the Rincon site.
The commencement of the lithium project, coupled with rising gold prices, is expected to drive Argentina's mining exports to $6.037 billion by 2025.
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