A mining heavyweight is entering the ring. And it’s swinging hard for the lithium throne.
Pilbara Minerals may be the current poster child of ASX lithium stocks. But there’s another name quietly building momentum, with the balance sheet, global reach, and strategic vision to challenge for dominance Rio Tinto Ltd (ASX: RIO). And this time, it’s not just about being big. It’s about being ready for a market that’s shifting fast toward electrification.
After years of ruling the roost in iron ore and copper, Rio is now laying serious foundations in lithium. The early signs are clear. Strategic projects are moving forward. Capital is being committed. Supply chain partnerships are being explored. This is no sideshow. It’s a multi-billion-dollar pivot with long-term intent.
The next lithium king?
Rio’s shift toward energy transition minerals hasn’t come out of nowhere. The company has been slowly stacking the pieces: lithium projects in South America, regulatory plays in Europe, exploration in North America. Each part of the puzzle is starting to come together.
At the centre of it all is the Rincon Lithium Project in Argentina. Nestled in the Lithium Triangle, Rincon is a lithium brine project with high potential. Although currently in pilot production, Rio has begun construction of the full-scale commercial plant. It expects significant demand from battery manufacturers and automakers as EV penetration accelerates.
Elsewhere, Rio continues to fight for the green light at its Jadar Project in Serbia. While paused due to regulatory challenges, Jadar remains one of Europe’s largest lithium deposits. If approvals eventually fall into place, this project alone could change the game for both Rio and the European battery supply chain.
Rio’s exploration programs in Canada and the US signal a desire to become a key supplier in Western-aligned critical minerals supply chains. And it’s not just about mining. Rio is increasingly looking at how lithium is refined, recycled, and integrated into downstream networks.
Building a legacy, not a lithium bubble
Unlike smaller players chasing a quick re-rate on exploration news, Rio is playing a longer game. It’s investing where scale matters, where infrastructure exists, and where future demand is secured.
The company has earmarked over $1 billion in capital in 2024 for non-iron ore growth much of which is targeting critical minerals. That includes lithium. It’s also spending big on technology: direct lithium extraction, low-carbon processing, and sustainable energy inputs. These are not reactive moves. They’re forward-looking strategies designed to give Rio staying power in a volatile space.
It wants to be a foundation supplier for OEMs, battery players, and energy transition funds that care about scale, sustainability, and geopolitical alignment.
Who is Rio Tinto?
Founded in 1873, Rio Tinto is a dual-listed mining leader, operating across more than 35 countries. The company is best known for its iron ore dominance in the Pilbara, but its global footprint spans copper, aluminium, borates, and now lithium.
In FY24, Rio generated $54 billion in revenue with an underlying EBITDA margin of 41 percent. It returned billions to shareholders in dividends, and it continues to invest heavily in decarbonisation and exploration. Its ASX-listed entity is a core part of the S&P/ASX 200 Index and one of Australia’s most widely held resource stocks.
Looking ahead:
The world needs more lithium. But it doesn’t just need more tonnes. It needs reliable tonnes, from responsible producers, with ESG frameworks in place. That’s where Rio Tinto steps in. It may not be first. But it's built to be the last one standing.
From Rincon to Jadar and beyond, Rio is assembling an integrated lithium portfolio backed by deep funding, global expertise, and long-term contracts. It’s the kind of strategy that doesn’t just win headlines. It wins market share.
The lithium throne might be occupied for now. But don’t be surprised if Rio Tinto is crowned next.
(Source: Company Announcements)
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