Rio Tinto (ASX:RIO) Announces Rincon Project Mineral Resources and Ore Reserves
Rincon Project Details
Rio Tinto (ASX:RIO) has announced its initial Mineral Resources and Ore Reserves for the Salar del Rincon lithium brine deposits in Argentina. The project encompasses 1.54 million tonnes (Mt) Lithium Carbonate Equivalent (LCE) of Measured Resources, 7.85 Mt LCE of Indicated Resources, and 2.29 Mt LCE of Inferred Resources. The Ore Reserves include 2.07 Mt LCE of Probable Ore Reserves, reported in accordance with the JORC Code and ASX Listing Rules.
Production Plans
The Rincon Project is designed for brine extraction, involving a production wellfield and processing facilities. A full-scale production target based on feasibility studies is approximately 53,000 tonnes of battery-grade lithium carbonate annually over a projected 40-year lifespan. Plans to increase capacity to 60,000 tonnes are conditional on necessary permits.
The completion of the Rincon 3000 starter plant is expected in the first half of 2025, establishing a long-term asset positioned within the lower cost segment of lithium producers.
Operational Insights and Future Outlook
The company is set to initiate sustained lithium production from an existing permitted well starting in 2025, with a scale of 3,000 tonnes of LCE per annum. Environmental permits for additional output are under review. Rio Tinto expresses confidence in the commercially viable design, grounded by rigorous economic evaluations and anticipated demand growth in lithium, driven largely by the electric vehicle sector.
Executive Comments
Rio Tinto’s CEO, Jakob Stausholm, stated, “The Rincon project showcases our commitment to contribute to the green transition through sustainable lithium production, aligning with the soaring global demand for lithium in batteries.”
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