Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) and UK refinery developer Green Lithium are joining forces to develop a lithium supply chain for the UK and EU's automotive and manufacturing sectors.
"By building our refineries, we will accelerate the adoption of EVs and sustainable energy storage through the increased supply of low-carbon, battery-grade lithium chemicals," Sean Sargent, chief executive of Green Lithium, said after signing the MoU on Tuesday.
Philippe Bourdages, Minerals Sales VP at Rio added: “Today's announcement is an important step forward in our journey towards unlocking the end-to-end battery metals supply chain in Europe.
“Alongside Green Lithium, we are looking to supply the global rollout of green battery technology to feed the significant European market demand."
Green Lithium plans to build and operate a large-scale lithium refinery on Teesside to supply the EV battery market in the UK and EU.
Processing technology will enable it to handle high volumes of hard-rock, unrefined lithium mineral spodumene concentrate.