Lithium exploration budget skyrockets in Argentina
Companies' budgets for lithium exploration in Argentina rose 890% in the last four years, according to a mining projects portfolio presented by the secretariat of mining policies in a seminar iin Buenos Aires.
In 2019 mining companies invested US$66mn in lithium exploration, while four years earlier the figure was US$6.7mn, the government figures show. A total of US$236m was invested between 2015 and 2019 in lithium early stage and advanced projects, as well as mining operations to increase resources.
Half of the investment came from Canadian companies – including majors and juniors – followed by Chinese and Australian miners with 17% and 16%, respectively.
Eleven projects are in feasibility stage and 21 have defined lithium carbonate resources. In Catamarca and Jujuy, four key projects have been advancing in recent months.
Since 2015 companies have identified 93Mt of lithium carbonate in Argentina. The secretariat attributes the growth in investment to higher lithium carbonate prices, favorable market conditions and Argentine geology, among others.
Argentina has 13% of global lithium reserves with annual production of 30,400t, according to the Inter-American Development Bank (IDB).
Incoming president Alberto Fernández, who takes office December 10, said during his campaign that he will implement a 10-year plan for the mining industry focused on lithium and aimed at boosting exports.
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