Rio Tinto stock: Fenix II lithium project under review

Rio Tinto on October 29, 2026, officially opened its Fenix 1B expansion and Sal de Vida lithium operation in Argentinas Catamarca province. The company said in its release that both projects achieved first production in the second quarter, ahead of plan, and are now ramping up.

What has changed since the last report

The additional investor-relevant detail comes from Reuters: Chief Executive Simon Trott said Rio Tinto is evaluating a possible Fenix II expansion that would require about USD 1 billion in additional investment. The company plans to submit the project to Argentinas incentive regime for large investments next year, while a final investment decision could come toward the end of the decade.

That proposal remains under consideration rather than an approved project. Reuters also reported that Rio Tinto is exploring options to advance copper projects in Argentina, adding a broader minerals angle to the lithium expansion.

Operating platform and capacity

Fenix 1B adds 10,000 tonnes of annual lithium carbonate equivalent capacity to the existing Fenix operation, whose target capacity rises to approximately 40,000 tonnes. Sal de Vida is designed for 15,000 tonnes of annual capacity. Together, the two projects are expected to add 25,000 tonnes once fully ramped up.

Rio Tinto said the Argentine projects support its global target of 200,000 tonnes of annual lithium carbonate equivalent capacity by 2028. The company also expects about 70 percent of approximately USD 4 billion in growth capital across its Argentine lithium operations to be spent with local suppliers.

Share price and investor context

Lang & Schwarz quoted Rio Tinto at EUR 75.74 on October 29, 2026, at 17:02:38 Berlin time. Compared with the EUR 76.66 Xetra close on October 28, the reference difference was minus 1.20 percent. The current quote should be read separately from the companys project announcement; the price movement does not by itself establish a causal reaction.

For investors, the possible Fenix II project offers a longer-term growth option, but it also represents a potential future capital commitment without a final investment decision. The pace of ramp-up at Fenix 1B and Sal de Vida remains the nearer operating milestone.

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