Mining and metals company Rio Tinto plans to purchase a lithium project in Argentina for $825 million from Rincon Mining in a transaction that’s expected to close in the first half of 2022.

The Rincon lithium project is in the Salta province of Argentina, and currently hosts a pilot lithium production plant. After the purchase is complete, Rio Tinto says it plans to conduct studies to confirm the presence of lithium, define a resource statement complaint with the JORC Code, establish a development strategy, update permits for development, consult with local stakeholders and install direct lithium extraction technology.

Source: Rio Tinto