Rio Tinto in talks to develop lithium deposit in the DRC - report

Rio Tinto (NYSE: RIO) has held discussions with the Democratic Republic of Congo’s government about developing the Roche Dure resource into a lithium mine, Bloomberg News reported.The talks are still in the early stages. Roche Dure is one of the world’s largest hard-rock lithium deposits.Neither Rio Tinto nor Congo’s Ministry of Mines commented on the report. Congo is also in early discussions with the U.S. government regarding a potential minerals-for-security agreement aimed at supporting efforts to combat a Rwanda-backed rebellion in its eastern provinces.Lithium rushLast week, Bloomberg News reported that California-based exploration firm KoBold Metals—backed by billionaires including Bill Gates and Jeff Bezos—expressed interest in developing Roche Dure once disputes over its mining rights are resolved. One option under consideration is a partnership between KoBold and Rio Tinto to jointly build and operate the mine.The Roche Dure lithium deposit was first defined by AVZ Minerals Ltd., which had planned to develop a facility capable of producing 700,000 tonnes of lithium concentrate annually for 20 years. This would have made it the largest lithium mine outside Australia. AVZ was close to starting construction when the Congolese government revoked its rights in 2023.Rio Tinto is actively expanding its lithium business, capitalizing on lower prices caused by oversupply. Last year, the company agreed to acquire Arcadium Lithium Plc for $6.7 billion. It is also advancing the Jadar lithium project in Serbia—which could become Europe’s largest lithium mine—and the Rincon lithium operation in Argentina, which is already in production.Rio Tinto stock was down 1.72% Friday morning in New York, giving the company a market capitalization of $101 billion.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com