Buenos Aires — May 20, 2025
In a landmark announcement at the Arminera event in Buenos Aires, Argentina’s Secretary of Energy and Mining Coordination, Daniel González, revealed that Rio Tinto’s Rincón de Litio project has become the first mining initiative approved under the country’s RIGI (Large Investment Incentive Regime).
Located in Salta, the project involves a massive $2.7 billion investment by Rio Tinto to expand the site’s battery-grade lithium production capacity to 60,000 tons per year. Construction of the new processing plant is set to begin in mid-2025.
“We hope this is the first of many,” González said during the event, which was co-hosted by IDEA and the Argentine Chamber of Mining Companies (CAEM).
Although three other projects have been approved under RIGI, Rincón de Litio is the first from the mining sector among the seven applications submitted since the fiscal and foreign exchange incentive program began in October 2024.
Rio Tinto’s Lithium Footprint in Argentina
Rio Tinto, the world’s second-largest mining company, has rapidly scaled its lithium operations in Argentina. Following its March 2025 acquisition of Acardium Lithium, the company became the nation’s top lithium producer, operating two out of the six active lithium projects: Fénix in Catamarca and Salar de Olaroz in Jujuy.
Founded in 1873, Rio Tinto has historically focused on aluminum, iron ore, and copper, with limited lithium exposure until its recent strategic pivot. The company had previously exited Argentina in 2009, selling its Potasio Río Colorado (PRC) project in Mendoza to Vale for $850 million.
Its re-entry into the Argentine market began with the $825 million purchase of Rincón in 2021, followed by $400 million in feasibility studies and pilot plant construction. The scale of investment and global reach of the company — with operations in 35 countries and nearly 60,000 employees — is expected to stimulate Argentina’s mining value chain significantly.
“We are very interested in continuing to grow in Argentina,” said Ignacio Costa, General Manager of Rio Tinto Lithium, at the Arminera conference.