South Korean multinational Posco will invest $230 million in a lithium mining project in the northwestern Argentine province of Jujuy, Cabinet chief Jorge Capitanich said Friday.
Posco plans to start the extraction stage at the end of 2015 or early 2016 with initial production of 20,000 tons. The goal is to raise output to 80,000 tons by 2020.
The project to build a pilot plant at the Cancheria salt flat in Jujuy will entail an initial investment outlay of $30 million.
Posco is expected to invest an additional $200 million in 2015 in Argentina, one of the world’s biggest lithium producers.
Capitanich stressed the importance of the agreement with Posco at his daily press conference, calling it “a very significant investment” by a “leader in South Korea’s steel sector.”
The agreement was reached after a meeting at the company’s offices in Seoul that Argentine Mining Secretary Jorge Mayoral attended.
Date: October 24, 2014