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Stock Markets February 18, 2026

Rio Tinto Secures Majority Stake in Nemaska Lithium, Moves to Directly Manage Quebec Operations

Anglo-Australian miner takes 53.9% control as province of Quebec retains substantial minority; partners pledge continued funding toward Becancour hydroxide plant with first output targeted for 2028

By Priya Menon RIO
Rio Tinto Secures Majority Stake in Nemaska Lithium, Moves to Directly Manage Quebec Operations
RIO

Rio Tinto has increased its ownership of Nemaska Lithium to a 53.9% majority and will assume direct management of the company, while the Government of Quebec holds 46.1%. The move advances Rio Tinto's plan to create an integrated lithium supply chain in Quebec, spanning the Whabouchi spodumene mine to the lithium hydroxide processing facility in Becancour. Partners, including Investissement Quebec, have been investing in Nemaska since March 2025 and will continue to fund development work, with first production from the Becancour plant expected in 2028.

Key Points

  • Rio Tinto now holds a 53.9% majority stake in Nemaska Lithium and will assume direct management; the Government of Quebec holds 46.1%.
  • Partners including Investissement Quebec have been investing in Nemaska since March 2025 and will continue funding the project, including the Becancour lithium hydroxide plant, with first production expected in 2028.
  • Quebec will invest up to an additional $200 million via share subscriptions, and Rio Tinto invested more than $300 million in 2026 to advance its lithium activities in the province; holdings include the Becancour plant and the Whabouchi spodumene mine acquired through Arcadium in March 2025.

Rio Tinto said on Wednesday it now holds a 53.9% stake in Nemaska Lithium and will take direct control of the company, with the Government of Quebec maintaining a 46.1% interest. The miner stated this ownership position forms part of its strategy to establish a vertically integrated lithium business in Quebec - connecting raw ore extraction through to chemical processing - aimed at supplying the North American electric vehicle market.

The company and Quebec, acting through its economic development arm Investissement Quebec, have been channeling capital into Nemaska Lithium since March 2025. The partners confirmed they will continue to provide financing for the project, including the lithium hydroxide plant under construction in Becancour. Rio Tinto said it expects first production from that plant in 2028.

As part of the provincial support, Quebec will commit up to an additional $200 million to Nemaska Lithium through share subscriptions, the company announced. Rio Tinto has also contributed significant funding, having made an investment of more than $300 million in 2026 to further the miner's lithium activities within the province.

Rio Tinto's path to majority ownership included the March 2025 acquisition of Arcadium, through which it obtained a 50% interest in Nemaska Lithium. That package includes the planned lithium hydroxide facility in Becancour and the Whabouchi spodumene mine in the Eeyou Istchee James Bay region of Quebec.

The announced ownership change places operational control with Rio Tinto, aligning with its stated goal of building an integrated supply chain for lithium that links mine production to downstream chemical processing. The partners' continued funding commitments are aimed at bringing the Becancour hydroxide plant online by 2028, supporting supply to North American electric vehicle manufacturers.

While the company highlighted the investment commitments and timeline for first production, details on the specific scale-up plan, phased milestones between now and 2028, and operational management changes were not expanded upon in the announcement.

Risks

  • Timing risk for first production - the Becancour plant has a stated target of 2028 for first output, and the announcement did not provide detailed milestone schedules.
  • Funding and execution risk - while partners have committed further investment, project delivery will depend on continued funding and effective execution through construction and ramp-up phases.
  • Operational consolidation uncertainty - Rio Tinto will assume direct management, and the details of the operational transition and its immediate impact on project timelines and costs were not specified.

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