Rio Tinto secures $1.18 billion financing for Argentina lithium project
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Rio Tinto logo is seen displayed in this illustration taken April 10, 2023. REUTERS/Dado Ruvic/Illustration
March 11 (Reuters) - Australian mining major Rio Tinto said on Wednesday it had secured a $1.175 billion financing package from four international lenders to support development of its Rincon lithium project in Argentina's Salta province.
The package includes loans from the International Finance Corporation, a member of the World Bank Group, IDB Invest, Export Finance Australia and the Japan Bank for International Cooperation.
Proceeds from the financing will support development of the $2.5 billion Rincon project, which is targeting annual production of about 60,000 tonnes of battery-grade lithium carbonate, the company said.
Rio said the financing package would diversify funding sources for the project as the miner advances its lithium growth pipeline to meet demand linked to the global energy transition.
The Anglo-Australian mining company, on Tuesday, announced its first commercial shipment of lithium carbonate produced at the Rincon project, marking the formal start of exports from the northern mine.
(Reporting by Roshan Thomas in Bengaluru; Editing by Sahal Muhammed)
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