Argentina's Mining Boom: Rio Tinto's Rincon Project Secures US$1.17 Billion in Financing

---

Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

---

Summary

Rio Tinto secures financing for its lithium project, one of the lithium projects targeting future operations in Argentina. Lithium exports generated US$905 million for the country in 2025.

---

Financing Package

Rio Tinto secured a US$1.175 billion financing package from the International Finance Corporation (IFC), IDB Invest, Export Finance Australia (EFA) and the Japan Bank for International Cooperation (JBIC) to support its Rincon lithium project in Argentina's Salta Province. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing the related project reports.

The funds will contribute to the US$2.5 billion in investments for the project, which is forecast to have a lithium carbonate equivalent (LCE) production capacity of 60,000 tons per year.

Earlier in March, news outlets reported that Rio Tinto had already exported the first 200 tonnes of lithium production from the Rincon starter plant, which has a capacity of 3,000 tons per year. The financing will support the broader US$2.5 billion expansion of the project, designed to scale capacity far beyond the starter operation.

Construction of the plant began in 2025, including camp expansion and development of site infrastructure, targeting a 2028 production startup with a three-year ramp to full capacity.

The Rincon project has been approved by the Argentine Incentive for Large Investments Regime (RIGI), which gives tax and legal benefits to companies investing more than US$200 million.

"This financing package broadens our funding sources for the Rincon project and supports the continued execution of our lithium growth pipeline, which is underpinned by the attractive long-term outlook driven by the energy transition," mentioned Rio Tinto's Chief Executive Aluminium & Lithium Jérôme Pécresse.

Lithium & Mining in Argentina

Despite the worldwide collapse in lithium prices, Argentina has seen the startup of four lithium mines between 2024 and 2025. Industrial Info is tracking 13 lithium-related assets in Argentina.

While in several parts of the world, lithium mining companies scaled back operations, the South American nation has seen renewed interest in exploiting its resources.

Besides Rincon, other lithium developments with submitted application to RIGI include the Sal.

Throughout 2025, lithium exports generated US$905 million for Argentina, a historic record for the country, accounting for 15% of all mining exports from the South American country, which totalled US$6.037 billion.

In 2025, Argentina's mining exports were dominated by gold, which accounted for US$4.07 billion.

In a recent presentation by Economy Minister Luis Caputo, the government projected a mining trade balance of US$31 billion by 2035, supported by the startup of major projects, including copper mines.

Key Takeaways

• Rio Tinto secures US$1.175 billion in financing for its Rincon lithium project.
• Argentina generated US$905 million from lithium exports in 2025.
• Several other lithium projects could come online in Argentina in the next few years.

---

About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).