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is seen as better than buying up existing lithium companies.

"We would rather use our competencies to develop the projects ourselves," said Rio Tinto CEO, Jakob Stausholm in an interview with Bloomberg Television. "Lithium companies right now are very expensive. We can believe we can find much cheaper ways to get it done."

Rio Tinto already made a splash in Argentina, back when it completed the acquisition of the Rincon Lithium Project in 2022 for $825 million. By mid-2023, the company had already begun reviewing the $140-million cost estimate and schedule for a starter plant on the project.

"Rincon strengthens our battery materials business and positions Rio Tinto to meet the double-digit growth in demand for lithium over the next decade, at a time when supply is constrained," said Stausholm at the time of the acquisition.

Rio Tinto recognizes the substantial promise of the Rincon project, envisioning it as a sustainable, expandable source capable of generating top-quality lithium carbonate over an extended period. The innovative direct lithium extraction technology under consideration for this project has the potential to substantially enhance lithium recovery rates when compared to traditional solar evaporation ponds.

Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/ 

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