LONDON (dpa-AFX) - Rio Tinto Plc. (RTPPF.PK, RIO.L, RIO, RTNTF.PK), a mining major, announced on Thursday that it has approved $2.5 billion investment to expand the Rincon project, the first commercial-scale lithium operation in Argentina.
Jakob Stausholm, chief executive of Rio Tinto, said: 'The attractive long-term outlook for lithium driven by the energy transition underpins our investment in Rincon.'
Rincon's capacity of 60,000 tons of battery-grade lithium carbonate per year is comprised of the 3,000-ton starter plant and 57,000-ton expansion plant.
Rincon's mine life is expected to be 40 years, with construction of the expanded plant scheduled to begin in mid-2025.
First production is expected in 2028 followed by a three-year ramp up to full capacity.
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