China's Ganfeng Lithium has begun producing lithium at its Mariana project in Argentina, marking a significant step in the company's expansion in the South American lithium market.
China's Ganfeng Lithium has commenced lithium production at its Mariana project situated in northern Argentina, as announced on Wednesday. This marks the launch of one of several new lithium projects undertaken by the company in the South American nation. Ganfeng, a global leader in the production of lithium, primarily utilized in rechargeable batteries, has invested $790 million in the Mariana plant, located in the province of Salta.
This facility possesses the capacity to annually yield 20,000 metric tons of lithium chloride through extraction at the Llullaillaco salt flat.Wang Xiaoshen, president of Ganfeng Lithium Group, stated that the company's other lithium projects in Argentina are progressing steadily. The Pozuelos-Pastos Grandes project is slated to commence construction this year, while the Incahuasi-Arizaro project is in the advanced exploration phase, as indicated in a statement. Ganfeng also holds a co-ownership stake with Lithium Argentina LAR in the Cauchari-Olaroz project, which is operational, and the Pastos Grandes project, currently in the feasibility stage.President Javier Milei's administration has embraced mining projects as a means to attract foreign investment into the country, implementing an incentive scheme that has garnered praise from international copper and lithium miners. Argentina, alongside Chile and Bolivia, constitutes Latin America's so-called lithium triangle, housing one of the world's largest reserves of the ultra-light metal. A multitude of lithium projects are under development in Argentina by various companies, although some have encountered delays due to low lithium prices precipitated by oversupply and a slowdown in electric vehicle sales. During the project's inauguration, Mining Secretary Luis Lucero expressed optimism that the Mariana plant can contribute to bolstering local economies. 'The Mariana project not only signifies an important source of foreign currency earnings but also the creation of genuine, high-quality employment for hundreds of families,' he remarked.Ganfeng Lithium reported a profit of $33.6 million for the quarter ending December 31, a stark contrast to the $617.7 million loss recorded a year ago.
LITHIUM GANFENG LITHIUM ARGENTINA MINING ELECTRIC VEHICLES FOREIGN INVESTMENT
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