REG - Rio Tinto - Rio Tinto completes acquisition of Rincon lithium

Rio TintoAnnouncement

29/03/2022 07:00

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RNS Number : 3110G  Rio Tinto PLC  29 March 2022

Rio Tinto completes acquisition of Rincon lithium project

Rio Tinto has completed the acquisition of the Rincon lithium project in
Argentina for $825 million, following approval from 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 Sentient Equity Partners,
was announced in December 2021.

 

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, scaleable resource capable of
producing battery grade lithium carbonate. It has the potential to have one of
the lowest carbon footprints in the industry.

 

Rio Tinto Chief Executive Jakob Stausholm said "Rincon strengthens
our battery materials business and positions Rio Tinto to meet the
double-digit growth in demand for lithium over the next decade, at a time when
supply is constrained. We will be working with local communities, the Province
of Salta and the Government of Argentina as we develop this project to the
highest ESG standards."

 

The direct lithium extraction technology proposed for the project has the
potential to significantly increase lithium recoveries as compared to solar
evaporation ponds. A pilot plant is currently running at the site and further
work will focus on continuing to optimise the process and recoveries.

 

The market fundamentals for battery grade lithium carbonate are strong, with
lithium demand forecast to grow 25-35% per annum over the next decade with a
significant supply demand deficit expected from the second half of this
decade.

 

 Contacts  Please direct all enquiries to media.enquiries@riotinto.com

 

 Media Relations, UK         Media Relations, Australia

 Illtud Harri                Jonathan Rose

 M +44 7920 503 600          M +61 447 028 913

 David Outhwaite             Matt Chambers

 M +44 7787 597 493          M +61 433 525 739

 Media Relations, Americas   Jesse Riseborough

 Matthew Klar                M +61 436 653 412

 T +1 514 608 4429

                             Investor Relations, Australia

 Investor Relations, UK      Amar Jambaa

 Menno Sanderse              M +61 472 865 948

 M: +44 7825 195 178

 David Ovington

 M +44 7920 010 978

 Clare Peever

 M +44 7788 967 877

 Rio Tinto plc               Rio Tinto Limited

 6 St James's Square         Level 7, 360 Collins Street

London SW1Y 4AD

United Kingdom             Melbourne 3000

 T +44 20 7781 2000          Australia

Registered in England

 No. 719885

                             T +61 3 9283 3333

                             Registered in Australia

                             ABN 96 004 458 404

 

This announcement is authorised for release to the market by Steve Allen, Rio
Tinto's Group Company Secretary.

 

riotinto.com

 

 

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