Lithium miners commit $290 million to develop assets and build plant in Argentina
Miners Ultra Argentina SRL and China’s Zangge Mining have committed $290 million in investments to explore and develop lithium deposits in northwest Argentina, as well as to build a plant, the minister of industryZangge Mining will initially invest $40 million in the exploration and development of the Laguna Verde lithium project in the province of Catamarca.A further investment of $250 million is planned at a later stage for the construction of a lithium carbonate processing plant.
Last June, Canada’s Ultra Lithium and Zangge signed a definitive association agreement for the Laguna Verde project. As part of the deal, Zangge agreed to pay Ultra Lithium $10 million and invest $40 million in the project for a 65% stake in Ultra Argentina, a 100%-owned subsidiary of Ultra Lithium. Argentina sits atop the “lithium triangle” a region shared with neighbouring Chile and Bolivia, which contains nearly 56% of the world’s resources of the metal, according to the most recent figures from the United States Geological Survey . the country has the potential to become the world’s third or fourth biggest lithium producer.in its growing lithium market over the next five years, which would help Argentina to double production in 2023, reaching 175,000 tonnes of the battery metal in 2025.
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