Key facts
- Rio Tinto expects its lithium division to be its fastest-growing unit.
- The company aims to triple lithium production by 2028.
- Demand from electric vehicle and battery storage sectors is driving lithium growth.
- Rio Tinto is investing in direct lithium extraction.
- Rio Tinto is investing in new mines.
Rio Tinto anticipates that its lithium division will be its fastest-growing unit. The company has set a target to triple its lithium production by the year 2028. This ambitious expansion is a direct response to the escalating demand for lithium, primarily from the electric vehicle (EV) and battery storage sectors. To support this growth, Rio Tinto is making strategic investments in advanced technologies such as direct lithium extraction (DLE). Additionally, the company is actively developing new mining projects to secure future supply. The focus on lithium production underscores its strategic importance to Rio Tinto's future portfolio, positioning it to capitalize on the global energy transition.