Key facts
- Rio Tinto expects its lithium division to be its fastest-growing unit.
- The company aims to triple its lithium production by 2028.
- Demand from electric vehicle and battery storage sectors is driving lithium growth.
- Rio Tinto is investing in direct lithium extraction technologies.
- The company is also developing new lithium mines.
Rio Tinto anticipates that its lithium business will experience the most rapid growth among its various divisions. The company has set a target to triple its lithium production by the year 2028. This significant expansion is a direct response to the escalating demand for lithium, primarily fueled by the burgeoning electric vehicle (EV) and battery storage sectors. To achieve this production increase, Rio Tinto is making substantial investments in direct lithium extraction (DLE) technologies. Additionally, the company is actively developing new mining operations to secure the necessary resources and output capacity. The strategic focus on lithium highlights its importance in Rio Tinto's future growth strategy, aligning with global trends towards electrification and renewable energy storage solutions.