...we have to ask 'why isn't our own Rio Tinto considering buying a lithium asset in Australia'?
...1. poor/low proximity to market
...2. high cost/low competitiveness
The reason why Lithium isn't our Iron Ore, is because our closest large customer is China. China depends on our iron ore but does not need to depend on our lithium. Australia would be a strategic gateway into China for minerals but not if we do not see a long term supply to China [which I am sure Rio has already seen that, and ALB would be thankful they walked away from LTR ].
So what is Gina/Hancock trying to do now? Going into bed [partnership] with the Koreans. Maybe their EVs can use our lithium but they are nowhere near the Chinese in the EV race.
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"By now Argentina has received many votes of confidence in its future. Rio Tinto joined the #Lithium race with the lithium giants like #Ganfeng & bought Rincon Brine Project for US$825M"
Rio weighs up another lithium play
The Rio Tinto board is poised to give the green light to another big investment in lithium in Argentina at the urging of chief executive Jakob Stausholm.
