(Bloomberg) — Rio Tinto Group plans to invest $2.5 billion in a new lithium mine in Argentina in a win for President Javier Milei’s efforts to deregulate the country’s economy and lure foreign investment.
The UK company plans to build a processing plant at the Rincon mine with an annual capacity of 60,000 metric tons of lithium carbonate, it said Thursday in a statement. Work on the facility, subject to permitting, will start in the middle of next year.
Following Milei’s election just over a year ago, Argentine lawmakers approved his marquee incentives program, known by its Spanish acronym RIGI, featuring tax, currency and trade benefits for energy and mining. The measures are enshrined in law for the next 30 years.
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