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Argentina approves Rio Tinto's $2.5 billion lithium project, based on the RIGI incentive plan
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Release time：2025-05-22
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The government aims to strengthen Argentina's mining industry to attract foreign exchange and maintain economic stability.
According to Reuters, the Argentine government has officially approved Rio Tinto's $2.5 billion (2.86 trillion pesos) Rincon lithium project, the first mining project under the newly established RIGI investment incentive scheme. The Rincon project is located in the Salar Del Rincón, Salta Province, Argentina. The approval was announced at a meeting in Buenos Aires by Daniel Gonzalez, the country's Mining and Energy Coordination Minister.
Since the launch of the RIGI plan nine months ago, Argentina's mining industry has expressed concerns about the overly lengthy approval process for seven projects. The RIGI framework aims to provide tax and customs benefits, international arbitration pathways for dispute resolution, and long-term stability plans. Other companies applying for RIGI projects include China's Ganfeng Lithium, Canada's McEwen Copper, and South Korea's POSCO. Five of these projects are lithium mines, while the other two focus on gold and copper. Despite regulations stipulating a maximum of 45 working days for decisions, only Rio Tinto's project has been approved to date. Industry insiders suggest the government isn't intentionally delaying the process, but rather navigating complex approval procedures across various national departments. Some companies may also have submitted premature applications that didn't meet the necessary standards.
Roberto Cachola, president of the Argentine Mining Chamber (CAEM), stated: “We are very grateful because there was a lot of concern about the status of RIGI mining. This is big news for us.” The libertarian government led by President Javier Milei aims to strengthen Argentina's mining industry to attract foreign exchange and maintain economic stability amid high inflation. Argentina is the world's fourth-largest lithium supplier, forming part of the 'Lithium Triangle' with Chile and Bolivia, possessing some of the world's largest lithium reserves—a metal essential for electronics and electric vehicles.
Argentina is not only a significant exporter of gold and silver but is also actively developing large copper mining projects. However, to date, these copper projects have not yet gone into production. Last year, Argentina's mineral exports reached $4.8 billion, with gold exports being the highest, followed by silver and lithium. In February 2025, Worley was selected as the lead integrated delivery partner for the Rincon lithium project.
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