FYI - from RIO's Q4 production release this morning.
“In the fourth quarter we set a new direction for the company and announced a number of partnerships focused on decarbonising the value chain for our products, including green steel. We also entered into a binding agreement to acquire the Rincon lithium project in Argentina, which is strongly aligned with our strategy. These actions will ensure we continue to deliver attractive returns to shareholders, invest in sustaining and growing our portfolio, and progress our ambition to net-zero carbon emissions."
On 21 December, we announced we had entered into a binding agreement to acquire the Rincon lithium project in Argentina from Rincon Mining for $825 million. Rincon is one of the largest undeveloped lithium brine projects in the world, located in the heart of the lithium triangle in Salta Province.
Global electric vehicle (EV) sales more than doubled in 2021 due to wider availability of EV models, government subsidies and falling production costs (battery prices). Lithium production was unable to maintain the same pace as demand and prices ended the year up 150%.
AGY Price at posting:
41.5¢ Sentiment: Hold Disclosure: Held
