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Business deals

Rio Tinto's $825m Argentina lithium deal extends battery push

Agreement follows $2.4bn decision to buy Serbian lithium project

A Rincon Mining employee takes a sample at a lithium plant in Argentina. Rio Tinto will acquire Rincon's project for $825 million.   © Reuters

SYDNEY -- Rio Tinto has agreed to buy a lithium project in Argentina for $825 million as the Anglo-Australian mining major looks to capture more demand for the valuable battery material.

Rio will acquire the Rincon lithium project from Australia-based Rincon Mining in a deal expected to close during the first half of 2022.

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