Rio Tinto accelerates lithium push with $825m deal for Argentina mine

A sign is shown atop mining company Rio Tinto's office in Perth, Western Australia. Picture: REUTERS/DAVID GRAY

Rio said on Tuesday that it will buy the Rincon asset in Argentina from private equity buyers. The lithium brine project is in the so-called lithium triangle in South America, home to many of the best lithium deposits. Major carmakers from Tesla to Volkswagen need an ever-growing supply of battery materials to accelerate the rollout of electric vehicles.

The company said the undeveloped project has the potential to produce battery-grade lithium carbonate.

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