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Tuesday, 12/13/2022 7:05:06 PM

Tuesday, December 13, 2022 7:05:06 PM

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Rio Tinto estimates that committed lithium supply and capacity expansions will contribute only about 15% to demand growth over the 2020-2050 period. (From: Rio Tinto’s presentation, Dec., 2022.)

In April 2021, the miner kicked off lithium production from waste rock at a demonstration plant located at a borates mine it controls in California. 

Rio took another step into the lithium market in March this year, completing the acquisition of the Rincon lithium project in Argentina for US$825 million, which has reserves of almost two million tonnes of contained lithium carbonate equivalent, sufficient for a 40-year mine life.

The miner has also approached some of the biggest investment banks asking for recommendations on both lithium companies and projects.

The company estimates that committed lithium supply and capacity expansions will contribute only about 15% to demand growth over the 2020-2050 period. The remaining 85% would need to come from new projects.
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