Argentina has approved a $2.5 billion lithium mining project by Rio Tinto in Salta province—the first to be approved under the country’s new RIGI investment incentive program. The Rincon project marks a major step in Argentina’s push to attract foreign investment and boost its mining sector amid ongoing economic challenges.
The approval comes after months of delays affecting multiple applications under RIGI. Industry leaders welcomed the news as a breakthrough for the sector. Argentina, part of the world’s “Lithium Triangle,” is the fourth-largest global supplier of lithium, a key metal for electric vehicle batteries and renewable technologies.
Rio Tinto Expands Lithium Portfolio with Chile Partnership
Following the Argentina approval, Rio Tinto was named the preferred partner for the Salares Altoandinos lithium project in Chile’s Atacama region. The deal, made with state-owned ENAMI, gives Rio Tinto a proposed 51% stake and deepens its footprint in one of the world’s richest lithium-producing zones.
The partnership highlights Chile’s critical role in global battery supply chains and aligns with Rio Tinto’s strategy to build a world-class lithium business. It also adds to the company’s growing pipeline across the Lithium Triangle, reinforcing its long-term commitment to energy transition minerals.
