Big Money Flows Into Argentina's Lithium Triangle

Rio Tinto secures $1.175B from IFC and partners for its $2.5B Rincón lithium project, targeting 60,000 tonnes annually by 2028.

29 Jun 2026

Rio Tinto has secured $1.175bn in financing for its Rincón lithium project in Argentina's Salta Province, drawing backing from four multilateral lenders: the International Finance Corporation, IDB Invest, Export Finance Australia, and the Japan Bank for International Cooperation. The deal ranks among the largest greenfield lithium investments in South America.

Total project costs stand at $2.5bn. The facility will use direct lithium extraction technology to produce battery-grade lithium carbonate, with an annual target of 60,000 tonnes. Production is expected to begin in 2028.

Salta Province falls within the Lithium Triangle, a region that holds roughly half of the world's known lithium reserves. Argentina has long sought to position itself as a leading supplier; structured backing from four international institutions lends credibility to that ambition and signals that global capital now views the country's lithium sector as financially viable.

Makhtar Diop, Managing Director at IFC, said: "This investment reflects IFC's commitment to supporting Argentina's development through sustainable private sector solutions in partnership with global leaders like Rio Tinto."

The project carries implications beyond Argentina. Electric vehicle manufacturers and energy storage developers have faced supply constraints and price volatility in recent years. A large, technology-driven operation of Rincón's scale could add meaningful volume to global battery material supply and ease some of those pressures over time.

Whether the 2028 production timeline holds will depend on permitting, construction conditions, and the pace of equipment deployment. Questions around water use in the region's high-altitude wetlands have drawn attention from environmental groups in previous years, and regulators may require ongoing disclosure as construction advances.