Rio Tinto completed the acquisition of the lithium project from Sentient Equity-backed Rincon Mining for $825m.

Rio Tinto, a mining and metals company, completed the acquisition of the lithium project from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity, for $825m. “This acquisition is strongly aligned with our strategy to prioritise growth capital in commodities that support decarbonisation and to continue to deliver attractive returns to shareholders. The Rincon project holds the potential to deliver a significant new supply of battery-grade lithium carbonate, to capture the opportunity offered by the rising demand driven by the global energy transition. It is expected to be a long life, low-cost asset that will continue to build the strength of our Battery Materials portfolio, with our combined lithium assets spanning the US, Europe and South America," Jakob Stausholm, Rio Tinto CEO.