Rio Tinto’s Lithium Push: A New Chapter in Mining

Rio Tinto is turning its attention toward lithium, the fastest‑growing segment of its portfolio. The company has been pushing new projects online after a sharp price drop caused by oversupply from China, which in turn led to job losses. The market is now gradually recovering.

• Production Targets
• 2024: ≥ 61,000 metric tons of lithium.

• 2028 (if demand rises): Reach a capacity of 200,000 metric tons.

• Strategic Priorities
• Build projects quickly and within budget.
• Utilize low‑cost assets to supply customers with long‑term agreements that include price limits.

• Growth Drivers
• Focus on direct lithium extraction (DLE), a method that underpinned the acquisition of Arcadium.
• One DLE project slated to start in a few years; no current plans to acquire additional lithium assets.

• Emphasis on a strong, customer‑relevant asset portfolio rather than market rank.

• Leadership Insight
• The chief of aluminum and lithium, a former GE executive who joined Rio in 2023, drives a hybrid car.

• He views lithium as the foundational material of the future, transitioning from niche to ubiquitous use across industries.

• Core Strategy
• Deliver projects on schedule.
• Keep costs low.
• Provide reliable lithium supply.

Rio Tinto believes that this focused, disciplined approach will secure a strong position in the expanding lithium market.