Rio Tinto weighs new Argentina lithium plant, copper expansion options
Rio Tinto is assessing a new phase of lithium expansion in Argentina that could add about $1 billion to its investment plans in the country. The proposed Fenix II project would target the Hombre Muerto salt flat in Catamarca province, as the miner also reviews copper opportunities under Argentina's pro-investment policy push.
Highlights
- Rio Tinto is evaluating the Fenix II lithium plant at Hombre Muerto in Argentina, with a potential final investment decision by decade's end.
- Rio Tinto has inaugurated two new lithium plants at Hombre Muerto and possesses a $4.4 billion investment pipeline in Argentina to support its battery metals strategy.
- The company is also exploring copper project expansion in Argentina as President Javier Milei implements market reforms and tax incentives to attract large-scale mining investments.
Expansion plans at Hombre Muerto
As reported by Reuters, Chief Executive Simon Trott says Rio Tinto is evaluating construction of a new lithium plant in Argentina and plans to submit the Fenix II project to the country's incentive regime for large investments next year.Trott says the project, planned for the Hombre Muerto salt flat in Catamarca province, is under consideration as the next phase of expansion. He says a final investment decision could come toward the end of the decade.
Trott spoke on Wednesday during a visit to Argentina, where the Anglo-Australian miner inaugurated two new lithium plants at Hombre Muerto.
Argentina investment climate and mining outlook
Argentina, Bolivia and Chile form the Lithium Triangle, a region that holds 60% of the world's lithium reserves, a key raw material for electric-vehicle batteries. Rio Tinto says it has a $4.4 billion investment pipeline in Argentina, underscoring the country's importance to its battery metals strategy.The company is also exploring ways to advance copper projects in the country, according to Trott. Under President Javier Milei, Argentina is seeking to strengthen its position as an investment destination through market-friendly reforms and a tax incentive framework for large-scale projects.
Our earlier article examined China’s stance on rare earth exports to Europe, noting that Beijing signaled it would keep approving export licenses even if the temporary U.S.-China trade truce is not extended beyond January. We also outlined how ongoing EU-China talks are focused on maintaining stable flows of critical materials through mechanisms like a “green channel,” highlighting the strategic importance of supply security for key industrial inputs.
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