– The loan will boost exports and Argentina’s integration into global value chains, driving job creation and local business activity in Salta
WASHINGTON, USA — IDB Invest announced its participation in a financing package of up to $1.175 billion for Rincón Mining, part of the multinational mining group Rio Tinto, to support the development and expansion of its lithium project at the Salar del Rincón, in the province of Salta, Argentina.
The project aims to increase the production of the globally strategic resource lithium—a principal component of batteries used in electric mobility and energy storage—through a comprehensive operation spanning extraction, processing, and infrastructure.
The initiative will bolster Argentina’s economic development, particularly in the province of Salta, by promoting mining production, exports, and the integration of local suppliers into global production chains. It will also create formal jobs for building and operating the project and generate development opportunities for workers and companies in the region.
As a member of the “Lithium Triangle” along with Bolivia and Chile, Argentina’s lithium reserves give it strategic global leverage. Increased production will allow the country to integrate more fully into international value chains and diversify its export mix as global demand climbs.
The financing is part of an estimated $1.175 billion package that includes:
- An IDB Invest loan for up to $100 million;
- A loan from International Finance Corporation (IFC) for up to $400 million;
- A loan from Export Finance Australia (EFA) of up to $275 million;
- A loan from the Japan Bank for International Cooperation (JBIC)of up to $240 million;
- JBIC‑covered loans totaling $160 million, provided by commercial banks.
In addition to financing, IDB Invest will provide technical support and specialised advice to enhance the project’s management and governance. This includes support on implementing an environmental and social action plan, adopting international standards for sustainable mining, strengthening operational management and community relations, developing local value chains, and managing risk.
“IDB Invest’s support for this project reaffirms Argentina’s potential to consolidate its position as a key player in the global critical minerals market. This investment not only expands lithium production capacity, but also stimulates regional economies, strengthens local value chains, and promotes sustainability standards aligned with international best practices,” said Viviana Alva Hart, IDB Group’s representative in Argentina.
This project is aligned with the IDB Group’s support under the Country Strategy for Argentina 2025–2028, which aims to advance economic liberalisation to unlock private investment and growth. Promoting productive modernisation in key strategic sectors—such as the production of critical minerals—is a central element of this strategy to support the country’s development.
