The President of Argentina, Javier Milei, and Catamarca Governor Raúl Jalil joined Rio Tinto Chief Executive Simon Trott on October 28 to celebrate the official opening of Rio Tinto’s Fénix 1B expansion and Sal de Vida operation in Catamarca, following a combined investment of around $1.4 billion. The celebrations included a visit to Fénix by Milei and Jalil, hosted by Trott, and an inauguration event recognizing both projects with national and provincial authorities, employees, suppliers and representatives of local and Indigenous communities.

Both projects reached first production in the second quarter, ahead of plan, and are now ramping up. Once fully ramped up, they will add 25,000 metric tons (mt) of annual lithium carbonate equivalent (LCE) capacity, strengthening Rio Tinto’s standing and Argentina’s position as a leading supplier of lithium to global markets.

“The expansion of the Fénix project is a historic milestone that demonstrates the potential of Argentina’s mining sector. This was made possible by the country once again creating incentives for the production of resources that are essential to the modern world. We are proud that a company of this scale once again sees Argentina as a reliable partner and is investing in our country, validating the decisions we have taken over the past few years,” Milei said.

“These two projects build on nearly three decades of lithium production in Catamarca and the expertise of our Argentine workforce. They demonstrate our industry-leading project delivery capability, as we execute with discipline towards our global target of 200,000 mt lithium carbonate equivalent annual production capacity by 2028. The delivery of these projects reflects the dedication of our people, the capabilities of Argentine suppliers and our partnerships with local communities and governments. Our focus now is on safely ramping up production, delivering reliable, high-quality lithium to our customers, and creating lasting value for our shareholders and Argentina,” Trott said.

Fénix began operations in 1997 as Argentina’s first commercial lithium operation. The Fénix 1B expansion adds 10,000 mt of annual LCE capacity to the existing operation, increasing its total target of annual LCE capacity to approximately 40,000 mt. Sal de Vida is a new lithium carbonate operation located approximately 20 km northeast of Fénix, with a target of annual LCE capacity of 15,000 mt. The projects form part of Rio Tinto’s growing lithium business in Argentina, which includes operations and projects across Catamarca, Jujuy and Salta, including the Rincon lithium project.

The post Rio Tinto Celebrates $1.4B Lithium Investment appeared first on E & MJ.