Rio Tinto Agrees to Buy Argentine Lithium Project for $825 Million
22 December 2021 - 4:44AM
Dow Jones News
By Joe Hoppe
Rio Tinto PLC said Tuesday that it has agreed to buy the Rincon
lithium project in Argentina from Rincon Mining for $825 million,
strengthening its global energy transition portfolio.
The mining company said the project--purchased from Rincon, a
company owned by funds managed by private equity group Sentient
Equity Partners--is a long life, scalable resource capable of
producing battery grade lithium carbonate, and is set to complete
in the first half of 2022 subject to regulatory approval.
The project is an undeveloped lithium brine project in Salta
Province, a hub for greenfield projects. It has the potential to
have one of the lowest carbon footprints in the industry, the
company said.
"This acquisition is strongly aligned with our strategy to
prioritise growth capital in commodities that support
decarbonisation and to continue to deliver attractive returns to
shareholders," Chief Executive Jakob Stausholm said.
Once acquired, studies to confirm the resources will be carried
out and work will be undertaken to determine development strategies
and timing, along with ensuring environmental, social and
governmental compliance.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
December 21, 2021 12:29 ET (17:29 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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