Rio Tinto's US$3.9 billion expansion puts Argentina’s lithium brines centre stage

Rio Tinto approved a $144M investment in the Resolution Copper project in Arizona, with the company contributing $79M. The funds will support feasibility studies, engineering, and equipment purchases. The project, a joint venture with BHP, aims to supply 25% of U.S. copper demand and create 50 new roles. Rio Tinto expects the mine to become one of the largest in the U.S. and contribute $1B annually to Arizona's economy.

Rio Tinto plans to invest $1.9 billion in the Kangwinan bauxite project in Queensland, Australia. The project will add 20 million tonnes per year of production capacity, with first output expected in 2029 and full production by 2032. It will replace the Andoom mine and increase Weipa Operations' annual capacity to about 44 million tonnes. The investment aims to sustain jobs and supply high-quality bauxite to international customers and Australian alumina refineries.

Glencore defends its progress on the Aurukun bauxite project in Queensland, stating it has met all licence commitments. The company is facing scrutiny over its proposed $250M sale to Rio Tinto, with Queensland MP Robbie Katter calling for an inquiry. Glencore claims the sale to Rio Tinto offers the best opportunity for development, while Metro Mining's director suggests his company could expedite the project.

Colombia's trade minister announced Rio Tinto plans to invest US$5 billion in Chocó over four years, though the company has not confirmed the details. The investment is tied to security commitments by Colombia's president. Rio Tinto, a major miner, trades in New York and produces metals like copper, iron ore, and aluminum. The minister did not specify the metal, site, or start date.

RioCan Real Estate Investment Trust reported a record retail committed occupancy rate of 98.9% in Q3, up from 98.4% a year earlier, due to low supply and high demand. CEO Jonathan Gitlin attributed this to a lack of new retail space and the company's focus on necessity-based tenants. RioCan's Q3 profit was $122.6 million, reversing a $120.3 million loss from the previous year.

Rio Tinto opened two lithium projects in Argentina, investing $1.4B. Fenix 1B expands capacity by 10,000 tonnes LCE, while Sal de Vida is a new 15,000 tonnes LCE operation. CEO Simon Trott aims for 200,000 tonnes LCE annual capacity by 2028. Rio Tinto also acquired Arcadium for $6.7B in 2024 and invested in Nemaska Lithium.