Argentina's government on Tuesday approved a $2.5 billion lithium mining project by Anglo-Australian giant Rio Tinto , , marking the first mining project under a new investment incentive regime.

The government aims to bolster Argentina's mining industry to attract foreign currency and maintain economic stability.

Rio Tinto was selected by Chile's government for the second time this week as a partner for a major new lithium project, this time the Altoandinos lithium project.