Latest news with #RobertoCacciola
Yahoo
22-05-2025
- Business
- Yahoo
Argentina green-lights Rio Tinto's $2.5bn lithium project under RIGI incentive scheme
Argentina's Government has officially approved Rio Tinto's $2.5bn (2.86trn pesos) Rincon lithium mining project, the first mining project under the newly established RIGI investment incentive regime, reported Reuters. The Rincon project is situated in Salar Del Rincón, Salta province, Argentina. The approval announcement was made by Daniel Gonzalez, the country's Mining and Energy Coordination Secretary, at a conference in Buenos Aires. The mining sector in Argentina had been voicing concerns regarding the prolonged approval process for seven projects that were submitted since the RIGI programme's launch nine months ago. The RIGI framework aims to offer tax and customs advantages, access to international arbitration for disputes and long-term stability plans. Other companies that have applied for the RIGI programme include China's Ganfeng, Canada's McEwen Copper and South Korea's Posco. Of these, five are lithium projects, with the remaining two focused on gold and copper. Despite regulations stipulating a decision within a maximum of 45 working days, only Rio Tinto's project has been approved to date. Industry insiders suggest that the government did not intend to delay the process but was navigating complex approval procedures across various state departments. Some companies may have also submitted premature applications that did not meet the necessary criteria. Argentina CAEM mining chamber head Roberto Cacciola said: "We are grateful because there was strong anxiety over what was happening with the mining RIGIs. This was major news." The libertarian government led by President Javier Milei is aiming to bolster Argentina's mining industry to attract foreign currency and maintain economic stability amidst high inflation rates. As the fourth-largest lithium supplier globally, Argentina, alongside Chile and Bolivia, is part of the 'lithium triangle', which has the largest reserves of the metal essential for electronics and electric vehicles. Argentina is not only a significant exporter of gold and silver but is also anticipating the development of substantial copper projects. However, as of now, none of the copper projects are in production. Last year, Argentina's mineral exports amounted to $4.8bn, with gold leading the way, followed by silver and lithium. In February 2025, Worley was selected as the lead integration delivery partner for the Rincon lithium project. "Argentina green-lights Rio Tinto's $2.5bn lithium project under RIGI incentive scheme" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
22-05-2025
- Business
- Yahoo
The $2.5 billion Rio Tinto Lithium Mining Project has been Approved by Argentina
According to Daniel Gonzalez, Secretary of Mining and Energy Coordination, Argentina has authorized a $2.5 billion lithium mining project by Rio Tinto Group (NYSE:RIO), the first mining approval under the nation's RIGI investment incentive program. The Rincon project, in Salta province, attempts to profit from Argentina's large lithium reserves while also increasing foreign currency inflows in the face of economic constraints. At the moment, Argentina is the fourth-largest producer of lithium globally. Aerial view of an open pit mine, with workers extracting minerals. For investors, the RIGI scheme provides long-term regulatory stability, access to international arbitration, and tax and customs benefits. The market is worried about bureaucratic delays since, out of seven proposals, Rio Tinto Group (NYSE:RIO)'s project is the only one approved during the program's nine-month existence. The head of the mining chamber CAEM, Roberto Cacciola, stressed the significance of this permission while pointing out industry concerns over delayed progress. Despite the rule's 45-day resolution deadline, five lithium projects and two for gold and copper are still pending judgments for other applicants, including Ganfeng of China, McEwen Copper of Canada, and Posco of South Korea. Mining is a top priority for President Javier Milei's administration to stabilize an economy plagued by inflation. Gold, silver, and lithium were the top three minerals that Argentina exported last year, totaling $4.8 billion. While we acknowledge the potential of RIO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIO and that has 100x upside potential, check out our report about this READ NEXT: and . Sign in to access your portfolio
