Rio Tinto Opens $1.4 Billion Fénix and Sal De Vida Lithium Projects

Rio Tinto (RIO ) on 29 October 2026 marked the official opening of its Fénix 1B expansion and Sal de Vida lithium operation in Catamarca, Argentina, following a combined investment of around $1.4 billion, the company announced. President of Argentina Javier Milei and Catamarca Governor Raúl Jalil joined Rio Tinto Chief Executive Simon Trott for the ceremony, which the company described as a major milestone for Argentina’s lithium industry.

The celebrations included a visit to the Fénix operation by Milei and Jalil, hosted by Trott, and an inauguration event recognizing both projects alongside national and provincial authorities, employees, suppliers and representatives of local and Indigenous communities.

Both projects achieved first production in the second quarter, ahead of plan, and are now ramping up production, the company said. Once fully ramped up, they will add 25,000 tonnes of annual lithium carbonate equivalent (LCE) capacity. Rio Tinto said the added capacity strengthens Argentina’s position as a leading supplier of lithium for global markets.

Fénix 1B and Sal De Vida

Fénix began operations in 1997 as Argentina’s first commercial lithium operation. The Fénix 1B expansion adds 10,000 tonnes of annual LCE capacity to the existing operation, increasing its total target annual LCE capacity to approximately 40,000 tonnes.

Sal de Vida is a new lithium carbonate operation located approximately 20 kilometres northeast of Fénix, with a target annual LCE capacity of 15,000 tonnes.

The projects form part of Rio Tinto’s lithium business in Argentina, which includes operations and projects across the provinces of Catamarca, Jujuy and Salta, among them the Rincon lithium project.

Rio Tinto said its growth in Argentina is strengthening the country’s supplier network. Around 70% of the approximately $4 billion in growth capital to be invested across its lithium operations in Argentina is expected to be spent with local suppliers, according to the company.

Milei called the Fénix expansion “a historic milestone that demonstrates the potential of Argentina’s mining sector,” saying it was made possible by the country once again creating incentives for the production of resources essential to the modern world. He said a company of Rio Tinto’s scale once again seeing Argentina as a reliable partner and investing in the country validates the decisions taken over the past few years.

Trott said it was a privilege to welcome Milei, Jalil and the national and provincial authorities to the event, and thanked them for recognizing the work behind Fénix 1B and Sal de Vida. He said the two projects build on nearly three decades of lithium production in Catamarca and the expertise of the company’s Argentine workforce, and demonstrate what he described as the company’s industry-leading project delivery capability. Rio Tinto is executing toward a global target of 200,000 tonnes of lithium carbonate equivalent annual production capacity by 2028, he said. “Our focus now is on safely ramping up production, delivering reliable, high-quality lithium to our customers, and creating lasting value for our shareholders and Argentina,” Trott said.

Arcadium Lithium Acquisition

Rio Tinto completed its $6.7 billion acquisition of Arcadium Lithium plc on 6 March 2025, after the Royal Court of Jersey sanctioned the scheme of arrangement on 5 March 2025. Arcadium Lithium became Rio Tinto Lithium, a business that also includes the Rincon lithium project.

Arcadium Lithium shareholders received total cash consideration of $5.85 for each share held at the scheme record date. Rio Tinto funded the acquisition by drawing on an existing bridge loan facility, which it said at the time it planned to replace with long-term debt financing. Arcadium Lithium’s shares and CHESS Depositary Receipts were delisted from the New York Stock Exchange and the Australian Securities Exchange, respectively.

At completion, Rio Tinto said Rio Tinto Lithium aimed to grow the capacity of its Tier 1 assets to more than 200,000 tonnes per year of lithium carbonate equivalent by 2028, the same global capacity target Trott cited at the Catamarca opening.