Rio Tinto has completed the acquisition of the Rincon lithium project in Argentina. The deal is valued at some US$825 mil-lion, and it was recently approved by Australia’s Foreign Investment Review Board (FIRB).
"A binding agreement to purchase the project from Rincon Mining, a company owned by funds managed by the private equity group Sen-tient Equity Partners, was announced in December 2021" the global mining group said in a statement.
"Rincon is a large undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects. The project is a long life, scale-able resource capable of producing battery grade lithium carbonate. It has the potential to have one of the lowest carbon footprints in the industry," according to Rio Tinto.