Buenos Aires, Argentina, March 10, 2026 — International Finance Corporation (IFC), a member of the World Bank Group, is partnering with Rio Tinto to advance the Rincón Lithium Project, a large-scale greenfield development in the province of Salta, Argentina. The project will help Argentina capture more value from its mineral wealth through the creation of jobs across the mineral value chain, from construction and mining operations to processing and local procurement, while investments in training will prepare local workers for long‑term, high‑quality employment with lasting benefits for surrounding communities.
The Rincón Lithium Project bolsters Argentina’s position as a global leader in lithium production. Once fully operational, it will have the capacity to produce approximately 53,000 tonnes of battery‑grade lithium carbonate each year over its projected 40‑year life (and up to 60,000 tonnes following optimization efforts), enough to power more than 1 million electric vehicles annually.
Total Project Investment: US$2.5 billion
IFC Financing: Direct loan of $400 million, as part of a broader financing package of $1.175 billion.
Mobilization of parallel lenders: IFC helped to mobilize the remaining US$775 million to complete the financing package from parallel lenders, including IDB Invest, the private sector arm of the IDB Group, and export credit agencies of Japan (the Japan Bank for Economic Cooperation) and Australia (Export Finance Australia).
By producing battery-grade lithium carbonate at scale, the project will support local employment and economic diversification in the province of Salta while strengthening global supply chains for critical minerals. This is in line with the World Bank Group’s Metals and Minerals Strategy, which supports countries to realize the full potential of minerals including in-country processing so that more value, and more jobs, stay local. The project will also uphold robust environmental and social standards, positioning it as a model for responsible lithium production.
What they’re saying
“This investment reflects IFC’s commitment to supporting Argentina’s development through sustainable private sector solutions in partnership with global leaders like Rio Tinto,” said Makhtar Diop, Managing Director at IFC. “With strong international co-financing, we are demonstrating how private capital can accelerate the energy transition while delivering lasting economic benefits across emerging markets.”
The Bottom Line
The Rincón Lithium Project will create jobs across the mineral value chain, drive economic growth in the province of Salta, and position Argentina as a global leader in responsible lithium production, with enough output to power approximately 1 million electric vehicles annually.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Rio Tinto
We operate across 34 countries and 6 continents, where our 61,000+ employees are working to find better ways to provide the materials the world needs. Our core products – iron ore, copper, aluminium and lithium – are the building blocks of a cleaner, smarter future. To meet growing demand, we’re focused on keeping our people safe, while running and delivering worldclass operations and projects. And we’re committed to doing it responsibly – delivering lasting positive impact through deep expertise, strong social license and longstanding partnerships. Together, we’re solving global challenges and creating shared success.
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