Rio Tinto executive: Lithium business is expected to become the company's fastest-growing division

Glonghui, June 24 – Jérôme Pécresse, head of Rio Tinto's aluminum and lithium business, stated at an industry conference that as the company aims to triple lithium production by 2028 to meet the demand from electric vehicles and battery storage markets, its lithium business is expected to grow faster than its copper, iron ore, and other divisions. Last year, the world's second-largest mining company entered the lithium industry by acquiring Arcadium, a US-based company. This deal provided it with mines, processing facilities, and resources across four continents, as well as a client base that includes Tesla. Currently, Rio Tinto is working on developing mines in Argentina and Canada and believes these mines remain economically viable even if prices drop again. The company plans to produce at least 61,000 tonnes of lithium this year and aims to raise capacity to 200,000 tonnes by 2028, provided market demand supports it.