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Rio Tinto assesses new lithium plant in Argentina, copper opportunities - Finance news and analysis from Global Banking & Finance Review
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Rio Tinto assesses new lithium plant in Argentina, copper opportunities

Published by Global Banking & Finance Review

Posted on October 29, 2026

2 min read

· Last updated: October 29, 2026

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Rio Tinto Considers $1B Lithium Plant in Argentina and Copper Projects

Rio Tinto's Expansion Plans in Argentina

By Lucila Sigal

SAN FERNANDO DEL VALLE DE CATAMARCA, Argentina, Oct 29 (Reuters) - Rio Tinto is evaluating the construction of a new lithium plant in Argentina that would require about $1 billion in additional investment, Chief Executive Simon Trott said.

Fenix II Project and Investment Details

• Trott said the mining company plans to submit the Fenix II project, planned for the Hombre Muerto salt flat in Catamarca province, to Argentina's incentive regime for large investments next year

• "It's under consideration; it would be the next phase of expansion," Trott said during a visit to Argentina this week  

• A final investment decision could be made toward the end of the decade

Inauguration of New Lithium Plants

• Trott spoke on Wednesday, as the Anglo-Australian miner inaugurated two new lithium plants at Hombre Muerto

The Lithium Triangle and Global Significance

• Argentina, Bolivia and Chile make up the "Lithium Triangle," a region that holds 60% of the world's lithium reserves, a key ingredient in electric-vehicle batteries

Rio Tinto's Broader Investment and Copper Projects

• Rio Tinto has a $4.4 billion investment pipeline in Argentina

• The company is also exploring options to advance copper projects in the country, Trott said

Argentina's Investment Climate

• Under President Javier Milei, Argentina is seeking to position itself as a leading investment destination through market-friendly reforms and a tax incentive framework for large-scale projects

(Reporting by Lucila Sigal; Writing by Aida Pelaez-Fernandez; Editing by Lucinda Elliott)

Key Takeaways

  • Rio Tinto launched two new plants—Fénix 1B and Sal de Vida—in Catamarca, adding 25 ktpa capacity with ~$1.4 billion invested (riotinto.com).
  • The proposed Fénix II project would cost about $1 billion, targeting Argentina’s RIGI incentives, with a final investment decision expected toward the end of the decade (bloomberglinea-bloomberglinea-prod.cdn.arcpublishing.com).
  • Argentina, along with Bolivia and Chile, holds a dominant share of global lithium resources—estimated at 50‑60% of global reserves—underscoring the region’s strategic importance (sciencedirect.com).

References

Frequently Asked Questions

What is Rio Tinto planning in Argentina?
Rio Tinto is evaluating the construction of a new lithium plant in Argentina's Catamarca province, requiring about $1 billion in investment.
Where will the new lithium plant be located?
The planned lithium plant, named Fenix II, is set for the Hombre Muerto salt flat in Catamarca province, Argentina.
When will the final investment decision be made?
A final investment decision for the Fenix II lithium project could be made toward the end of the decade.
Is Rio Tinto investing in other minerals in Argentina?
Yes, Rio Tinto is also exploring opportunities to advance copper projects in Argentina.
Why is Argentina significant for lithium mining?
Argentina is part of the 'Lithium Triangle' with Bolivia and Chile, containing 60% of the world's lithium reserves.

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