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According to the President, the two Rio Tinto developments represent nearly US$1.4 billion in investment and an additional 25,000 tonnes of annual lithium carbonate production capacity.
By Panorama Minero
President Javier Milei presided over the inauguration of the Fénix plant expansion (Fénix 1B) and Rio Tinto’s new Sal de Vida operation on Wednesday, Miners’ Day, at the Salar del Hombre Muerto in Antofagasta de la Sierra Department. It was his first official visit to Catamarca.
At the beginning of his speech, he said: “It is an honour to be here in Catamarca on the day when Miners’ Day is celebrated.”
The President was accompanied by Catamarca Governor Raúl Jalil, Rio Tinto CEO Simon Trott and the company’s General Manager in Argentina, Ignacio Costa.
According to his speech, the two developments represent nearly US$1.4 billion in investment and an additional 25,000 tonnes of lithium carbonate per year.
Regarding the schedule, the President stated: “Both began their first production in the second quarter of this year, ahead of schedule.”
He added: “For far too long, these projects were delayed indefinitely or were not developed at all.”
From the First Plant in 1997 to the Current Expansion
Fénix was Argentina’s first lithium plant, commissioned in 1997.
According to Milei, “Today, almost 30 years later, it is expanding once again. This is a historic milestone that demonstrates the sector’s potential.”
He also stated that this progress was possible because Argentina had resumed encouraging the production of resources considered essential to the modern world.
Regarding the company’s production capacity, the President said: “Its capacity in the country has reached 100,000 tonnes per year and, thanks to the Rincón project, it will soon reach 160,000.”
Rio Tinto’s Commitment to Expansion
Javier Milei described the company as follows: “It is a company with more than 150 years of history, operating in 34 countries and employing more than 61,000 people.”
He added: “Of all the places in the world where it could invest its money, it chose Argentina as one of the pillars of its lithium strategy.”
In this context, the President distinguished between companies that maintain their existing operations and those that invest in further growth.
“A company that already has an operating plant can remain as it is, or it can decide to expand it, build more plants and hire more people.”
According to Milei, Rio Tinto “chose to invest”.
Rincón and Investment
According to the President’s speech, the Rincón project “was the first mining project approved under the RIGI regime, involving more than US$2.5 billion”, with first production scheduled for 2028.
Regarding its impact on the company, Milei stated: “As I have already said, it will increase Rio Tinto Argentina’s production by 60%.”
Concerning the investment regime, the President reported that 13 mining projects totalling nearly US$28 billion had been approved.
Of these, five are located in Catamarca and generate more than 19,000 jobs, according to the figures he presented.
Suppliers and Employment
According to the President, “Rio Tinto’s operations are associated with more than 2,000 direct jobs.”
Regarding the Rincón project, he stated that “it currently employs around 1,400 people, with a projected peak of 2,000 in 2027.”
Concerning suppliers, Milei said: “The Fénix 1B project awarded US$310 million in contracts to Argentine suppliers, representing 99% of the committed value.”
Of this amount, US$153 million went to companies based in Catamarca.
According to the President, the project has 413 suppliers, of which 411 are Argentine.
Milei also stated: “Investments do not arrive on their own. They bring employment, infrastructure works and development to the provinces.”
Infrastructure Works in Antofagasta de la Sierra
The President mentioned infrastructure projects agreed between the company, the province and local municipalities.
These include a hospital, two effluent treatment plants, a new alignment and improvements to Route 43, a healthcare centre in El Peñón and the electrification of Ciénaga Redonda, which would benefit approximately 50 families.
Regarding training, he said: “The company also invested in training young people in mining and tourism so that the area can diversify its productive activities beyond lithium.”
Global Lithium Demand
Referring to the international context, Milei stated: “The world needs lithium. It is needed for electric vehicle batteries, energy storage and the technology we use every day.”
Citing the International Energy Agency, the President maintained that “demand will more than triple by 2030”.
In closing, the President addressed the workers: “You are the creators of value. You are the heart of the great Argentina that lies ahead.”