Japan Bank for International Cooperation has signed a US$1.17 billion syndicated loan with Rincon Mining for its operations in Argentina. The lender is contributing US$240 million.

The loan is co-financed with private financial institutions, including Citibank Tokyo Branch ( agent bank ) and Mizuho Bank, as well as International Finance Corporation ( IFC ), Export Finance Australia ( EFA ), and the Inter-American Investment Corporation ( IDB Invest ). JBIC is also providing a partial guarantee for the co-financed portion extended by the private financial institutions. 

Rincon Mining, a subsidiary of Rio Tinto, is engaged in lithium exploration and development. The company will use the loan to carry out a lithium carbonate production project at the Rincón Salar in Salta Province, Argentina. 

Lithium is expected to see growing demand as a raw material for lithium-ion batteries ( LIBs ) and other applications, driven by the increasing adoption of electric vehicles ( EVs ) and energy storage systems.  

JBIC notes that lithium resources, along with the refining and processing capacities, are geographically concentrated, and for Japan, which relies entirely on imports to meet its lithium demand, diversifying supply sources is a critical challenge.

According to its Battery Industry Strategy, released in August 2022, the Japanese government considers batteries, including automotive LIBs, as critical materials for achieving carbon neutrality by 2050. Furthermore, in the Policy on Initiatives to Secure a Stable Supply of Critical Minerals, revised in March 2024, lithium is designated as a critical mineral, and the government has committed to ensuring its stable supply. 

Rio Tinto has long been one of Japan’s largest suppliers of minerals and metals and has established deep relationships with Japanese companies across the entire supply chain, from upstream development to transportation. The loan is intended to support the business conducted through Rincon Mining by Rio Tinto, which aims to become one of the world’s leading suppliers of lithium.

JBIC concluded a memorandum of understanding ( MOU ) with Rio Tinto in November 2025 to strengthen cooperation in the field of mineral resources and metals, and the loan represents a concrete outcome of that MOU. 

 By supporting Rio Tinto’s lithium production, the loan will help diversify lithium procurement sources for Japanese companies, thereby contributing to the stable supply of important resources for Japan and enhancing the resilience of Japan’s lithium supply chain.