M&A Deal Summary

Rio Tinto Acquires Rincon Lithium Project

On March 28, 2022, Rio Tinto acquired metals/mining company Rincon Lithium Project from Argosy Minerals for 825M USD

Acquisition Highlights
  • This is Rio Tinto’s 6th transaction in the Metals/Mining sector.
  • This is Rio Tinto’s 5th largest (disclosed) transaction.
  • This is Rio Tinto’s 1st transaction in Argentina.

M&A Deal Summary
Date 2022-03-28
Target Rincon Lithium Project
Sector Metals/Mining
Buyer(s) Rio Tinto
Sellers(s) Argosy Minerals
Deal Type Divestiture
Deal Value 825M USD

Target

Rincon Lithium Project

Salta Province, Argentina
Rincon Lithium Project is an undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects. The project is a long life, scaleable resource capable of producing battery grade lithium carbonate. Rincon Lithium Project is based in Salta Province, Argentina.

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Buyer(S) 1

Buyer

Rio Tinto

London, United Kingdom
Category Company
Founded 1873
Sector Metals/Mining
Employees57,000
Revenue 54.0B USD (2023)
DESCRIPTION

Rio Tinto is a mining and metals company. The company engages in finding, mining and processing the Earth's mineral resources. Company take a long-term, disciplined approach, developing and running long-life, low-cost, expandable operations that are capable of delivering value throughout the cycle. Rio Tinto was founded in 1873 and is based in London, England.

DEAL STATS #
Overall 7 of 9
Sector (Metals/Mining) 6 of 8
Type (Divestiture) 1 of 1
Country (Argentina) 1 of 2
Year (2022) 1 of 2
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-24 Coal & Allied Industries

Brisbane, Australia

Coal & Allied Industries Ltd. is a mining and metals company.

Sell $2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-17 Turquoise Hill Resources

Montreal, Quebec, Canada

Turquoise Hill Resources is a mining company that focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company's principal material mineral resource property. The Company's Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes). Its Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia's capital city, and 80 kilometers north of the Mongolia-China border. The Company's Mineralization on the property consists of porphyry-style copper, gold, silver, and molybdenum contained in a linear structural trend (the Oyu Tolgoi Trend) of deposits throughout this trend. They include, from south to north, the Heruga Deposit, the Oyut deposit, and the Hugo Dummett deposits (Hugo South, Hugo North and Hugo North Extension). Turquoise Hill Resources is based in Montreal, Quebec.

Buy $3.1B

Seller(S) 1

SELLER

Argosy Minerals

Perth, Australia
Category Company
Sector Metals/Mining
DESCRIPTION

Argosy Minerals is an Australian company owns and operates Tonopah Lithium Project in Nevada, USA. previously held 77.5% (and ultimate 90%) interest in the Rincon Lithium Project in Salta Province, Argentina.

DEAL STATS #
Overall 1 of 1
Sector (Metals/Mining) 1 of 1
Type (Divestiture) 1 of 1
Country (Argentina) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
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