South Korea’s Posco to invest $4 billion in lithium project in Argentina
BUENOS AIRES (Reuters) – South Korean steelmaker Posco mentioned on Monday it would make investments $4 billion in a brand new lithium mining challenge in Argentina, as the corporate seeks to faucet into hovering demand for the important thing rechargeable battery metallic.
The announcement got here proper after the corporate met with native authorities officers.
The funds will likely be invested in a challenge at a salt flat known as Salar de Hombre Muerto, situated within the border between the northern Salta and Catamarca provinces.
Posco expects to initially produce 25,000 tonnes of lithium hydroxide, an particularly high-demand lithium product for battery makers, there per 12 months, reaching 100,000 tonnes as soon as the enterprise is accomplished.
Export worth from the challenge is seen totaling $260 million per 12 months over the subsequent 30 years, in keeping with an announcement from President Alberto Fernandez’s workplace.
A spokesman for Posco confirmed the figures in an announcement to Reuters.
Argentina is a part of the so-called “lithium triangle,” which additionally contains neighbors Bolivia and Chile, dwelling to one of many world’s largest lithium reserves.
Posco was initially anticipated to speculate $830 million within the enterprise, however modifications within the authentic challenge led it to extend the quantity, in keeping with Salta’s mining division.
(Reporting by Agustin Geist; Writing by Gabriel Araujo; Modifying by Jonathan Oatis)
