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The Large Investment Incentive Regime Committee (RIGI) approved the first mining project under this regime in the country. The planned investment amounts to $2.7 billion and will increase production capacity to 60,000 tons of battery-grade lithium carbonate per year, with the construction of a new plant that will begin mid-year. The announcement was made during the Arminera event, where Daniel González, Secretary of Energy and Mining Coordination and President of the RIGI Evaluation Committee, explained that this project becomes the first in the mining sector and the fourth overall to enter the RIGI, a regime that grants tax and exchange benefits to large export investments. Rio Tinto, the worlds second-largest mining company, thus consolidates its position as the leading lithium producer in Argentina, following the acquisition of Rincón Mining in 2022. The commercial plant will use direct extraction (DLE) technology, which allows lithium to be obtained in 24 hours, unlike the traditional evaporation method, which requires at least a year. Construction of the plant is expected to require up to 2,500 workers at its peak, and initial production is expected to begin in 2028, with a progressive ramp-up until full capacity is reached. The project is located in the Salar de Rincón, an area in the northwest of Salta, within the so-called Lithium Triangle, shared by Argentina, Chile, and Bolivia. The RIGI regime seeks to accelerate strategic investments and has already approved three other projects in sectors such as solar energy— the 305 MW El Quemado project in Mendoza —and oil and liquefied natural gas. In the mining sector, in addition to Rio Tinto, other companies have submitted applications for projects in Salta, Catamarca, and San Juan. With the expansion of the Rincón project, Rio Tinto will operate two of the six lithium production projects in Argentina, a key mineral for the battery and electric mobility industries. In early 2022, Río Tinto acquired the Rincón project, located in the Salta Puna region, with an investment of $825 million. In January 2024, the provincial Ministry of Mining and Energy announced the approval of the Environmental Impact Statement . |
