CITY OF MELBOURNE (dpa-AFX) - Rio Tinto (RTNTF, RIO, RIO.L, RTPPF, RIO1.DE, RIO.AX) Tuesday said it has secured a $1.175 billion financing package from four international lenders to support development of its Rincon lithium project in Salta Province, Argentina.
The financing includes loans from the International Finance Corporation, IDB Invest, Export Finance Australia and the Japan Bank for International Cooperation.
The funding will support development of the $2.5 billion Rincon lithium project, which aims to produce about 60,000 tons of battery-grade lithium carbonate annually.
Construction of the facility began last year and includes expansion of worker camps and development of site infrastructure. First production is expected in 2028, followed by a three-year ramp-up to full capacity.
Rio Tinto said the project is expected to have a mine life of about 40 years and will form part of the company's strategy to expand its lithium portfolio amid growing demand driven by the global energy transition.
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