Baker McKenzie has advised Rio Tinto on its entry into a binding agreement to acquire the Rincon Lithium Project in Salta, Argentina from Rincon Limited for USD $825 million.  
The transaction will involve the purchase by Rio Tinto of Rincon Mining Pty Limited (which owns the Rincon Lithium Project, a large undeveloped lithium brine project in Salta, Argentina) and Lithium Extraction Technologies (Australia) Pty Ltd.  Rincon Limited is a company owned by funds managed by the private equity group Sentient Equity Partners.  The deal represents a strategic acquisition for Rio Tinto, highlighting the continuing strong demand for battery-grade lithium. The Rincon lithium project is located in the heart of the lithium triangle in Salta, Argentina, an emerging hub for greenfield projects. 
Baker McKenzie's team was led by Rio Tinto relationship partner Richard Blunt and Corporate Partners Susie Davies (London) and Adolfo Duranona (Buenos Aires).  The team also included partners Roberto Grane, (Corporate, Buenos Aires), Samantha  Mobley (Competition, London) and Ezequiel Artola (EMI/M&A, Buenos Aires) and associates Karoline Phillips (Competition, London) and Alicia Hatvany (Corporate, London). 
Commenting on the deal, Richard Blunt said:
"Signing the Rincon transaction shows just how serious Rio Tinto is about achieving the goals CEO Jakob Stausholm set out in October 2021 – we are truly delighted to have helped our long term client get to signing in this competitive environment.  As a business, we are focused on the energy transition (and the world’s need for strategic metals).  This transaction speaks to our ability to help our clients deliver on those imperatives, combining our local expertise to really understand the asset with our cross-border M&A, energy / mining and PE skills to get the deal across the line.  We expect to see much more in this space in the coming months."

Baker McKenzie's Global Projects Practice has extensive projects and natural resources experience, with more specialised lawyers in more places in the world than any other law firm. With more than 75 offices across 45+ countries in the Americas, Europe, Middle East, Africa and Asia, we have over 200 projects lawyers in our clients' most important locations, including key financial centers and market-leading teams in emerging jurisdictions. We help our clients from the beginning to the end of the life cycle of their most important transactional and development matters, including to structure, assess, develop, finance, sell and purchase a range of projects.
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