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Lima invests 40 billion in battery project
LONDON--(BUSINESS WIRE)-- Rio Tinto has approved $2. 5 billion 1 to expand the Rincon project in Argentina, the company's first commercial scale lithium operation, demonstrating its commitment to building a world-class battery materials portfolio.
FAQs about Lima invests 40 billion in battery project
Why is the global lithium market suffering from severe oversupply?
At present, the global lithium market is suffering from severe oversupply because electric vehicle sales have grown more slowly than expected. Chinese battery maker CATL has cut lithium production at its key mine in Jiangxi province.
Will Arcadium become world's largest lithium producer?
Rio's all-cash $6.7bn acquisition of New York-listed Arcadium — which will be voted on by Arcadium shareholders on December 23 — would make the company one of the world's largest lithium producers once completed. Copyright The Financial Times Limited 2025.
Does China have access to lithium carbonate?
At present, China accounts for two-thirds of global lithium carbonate production, causing concern in the US and Europe about s ecuring adequate access to supplies outside China.