Argentina’s government approved a $2.5 billion lithium mining project by Rio Tinto under a new investment incentive regime on Tuesday.
This marks the first mining project greenlit under the RIGI scheme, designed to attract foreign investment to the country’s mineral sector.
The project is located in Salta province, a key area within the global lithium-rich “lithium triangle.”
The announcement comes amid rising concerns over delays in mining approvals since the RIGI program’s launch nine months ago.
Industry leaders expressed relief at the decision, signaling renewed confidence in Argentina’s approach to mining investment.
Argentina, the world’s fourth-largest lithium supplier, aims to leverage its mineral wealth to stabilize the economy amid high inflation.
Besides lithium, the country also has significant deposits of gold, silver, and copper, with several projects proposed by international firms under the RIGI framework.