RIGI adds the world's second largest mining company with a lithium project in Salta
The world's second largest mining company, Río Tinto, has submitted a request to the Government to join the Large Investment Incentive Regime ( RIGI ) for its project to produce and export some 60,000 tons of lithium carbonate per year starting in 2028 in the Salar de Rincón, Salta, with investments of 2.7 billion dollars.
On Tuesday night, Economy Minister Luis Caputo posted on the social network X (formerly Twitter): "Eleventh RIGI project presented. Strategic Lithium Export Project by Rio Tinto for USD 2.7B in Rincón, Salta. Thus, one of the largest mining companies in the world once again believes in Argentina."
Two months ago, President Javier Milei had received the CEO of Rio Tinto Group, Jakob Stausholm, who told him: " Thank you very much, President Milei, for the RIGI. It has been key to convince the shareholders to continue with the investments in Argentina."
In March 2022, Rio Tinto acquired Rincón Mining Pty Ltd, the company that owned the Salta project , for US$825 million. Founded in 1873, Rio Tinto is a global company with a diverse production of metals and minerals, with operations in 35 countries and 60,000 employees worldwide.
Following a review process of the acquired project, the company requested authorization for the construction of a demonstration plant for the production of 3,000 tons of battery-grade lithium carbonate per year, applying the process tested in the pilot plant.
Rincón Salt Flat Project, in Salta, owned by the Rio Tinto mining company.
The decision was made to have a commercial-scale demonstration plant that would allow for analysis of the construction and production process, lithium recovery and product quality, operational training, identifying design and operation improvements for a larger-scale project, among other points.
In December 2024, Rio Tinto's Board of Directors, taking into consideration " Argentina's economic reforms and the RIGI" , approved the project for the production of 53,000 tonnes per year of battery-grade lithium carbonate using direct extraction technology (DLE), which allows the mineral to be obtained in 24 hours , unlike the evaporation method in pools, which takes at least a year.
Construction of the commercial plant will begin as soon as Rio Tinto obtains the relevant environmental permits from the Salta provincial government, which could be issued by the middle of this year. The process will require a total of 2,500 workers at peak, starting in 2026.
The Rincón salt flat covers an area of about 83,000 hectares in the northwest of Salta, near the border with Chile, and is located in the Lithium Triangle, which is shared by Argentina, Chile and Bolivia.
Rincón Salt Flat Project, in Salta, owned by the Rio Tinto mining company.
So far, the only RIGI project approved by the Government was one by YPF Luz to build a solar park in Mendoza for 200 million dollars.
The Vaca Muerta Oil Sur (VMOS) company, made up of YPF, PAE, Pampa Energía, Vista and Pluspetrol, also submitted a bid to build a west-to-east oil pipeline in Río Negro for US$2.5 billion; and PAE is seeking the same treatment for its liquefied natural gas (LNG) project for US$2.9 billion.
Likewise, the mining companies Galan Lithium, Posco and Minas Argentinas have presentations for Salta, Catamarca and San Juan.
Clarin
