Rio Tinto Group $RIO (-2.04%)
$RIO (-2.64%) has held talks with the Democratic Republic of Congo about the possible development of one of the world's largest hard rock lithium deposits. This was reported by Bloomberg today. It is the latest sign of the mining giant's interest in the battery metal.
Talks with Congolese authorities in recent weeks have centered on Rio Tinto's potential involvement in converting the Roche-Dure resource into a lithium mine.
However, these discussions are still at an early stage and may not lead to a formal agreement, the report said. Development of the Roche-Dure resource could significantly increase the global supply of lithium, a key ingredient in electric vehicle batteries.
This move by Rio Tinto demonstrates the growing interest in lithium as demand for electric vehicles continues to rise. The Roche Dure resource represents a significant opportunity for the mining company to expand its battery metals activities.