Australian exporters participating in Rio Tinto’s Rincón lithium project in Salta, Argentina, are being supported by Export Finance Australia’s (EFA) signing of a $US275 ($A385m) million financing facility.
As the Federal Government’s official export credit agency, EFA’s $385 million funding will enable local suppliers to participate in the project, providing equipment, technology, and specialised engineering services.
EFA managing director and chief executive officer John Hopkins said that the organisation plays a vital role in enabling Australian businesses to compete globally.
“Supporting Australian suppliers to participate in major export opportunities like Rincón strengthens capability and competitiveness,” Hopkins said.
The EFA support works alongside Rio Tinto’s $US2.5 billion investment in the Rincón project that forms part of its global battery-minerals strategy, with production expected to begin in 2028.
The Rincón project is targeting approximately 60,000 tonnes of annual battery-grade lithium carbonate capacity, to bolster global critical minerals supply chains.
Started in 2024, Rio said Rincón’s mine life is expected to be 40 years, with a three-year ramp-up to full capacity following production in 2028.
Former Rio Tinto chief executive officer Jakob Stausholm said at the time the attractive long-term outlook for lithium, driven by the energy transition, “underpins” the Rincón project.
“We are dedicated to developing this tier one, world-class resource at a scale at the low end of the cost curve,” he said.
“Building on Argentina’s supportive economic policies, skilled workforce, and exceptional resources, we are positioning ourselves to become one of the top lithium producers globally.”
Rio Tinto noted that Rincón is a large, long-life asset with ore reserves 60 per cent higher than it had assumed at the time of acquisition.
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