A senior executive at Rio Tinto PLC (ASX: RIO) stated on Tuesday that the company's lithium operations are projected to be its fastest-growing business, outpacing copper, iron ore, and other segments. This growth aligns with the company's goal to triple lithium output by 2028 to meet demand from the electric vehicle and battery storage sectors.

The global mining giant, ranked second in the world, entered the lithium industry last year through its acquisition of US-based Arcadium. This deal provided Rio Tinto with mines, processing facilities, and deposits across four continents, as well as a customer base that includes companies like Tesla.

The company has been integrating these assets during a period of significant lithium price declines. The market downturn previously triggered a wave of industry layoffs, which has only recently begun to ease. In an interview on the sidelines of the Fastmarkets global lithium, battery, and critical materials conference in Las Vegas, Jérôme Pécresse, head of Rio Tinto's aluminium and lithium division, noted the company is currently focused on developing mines in Argentina and Canada. He expressed confidence that these projects remain economically viable even if prices were to fall again.

The company plans to produce at least 61,000 metric tons of lithium this year. Its strategy includes ramping up capacity to 200,000 metric tons by 2028, contingent on market demand.