Chinese Company to Invest Over $2 Billion Into Lithium Exploration in Argentina

Aside from investing considerable sums of money into the projects in Argentina, the Chinese company is also expected to create some 10,000 jobs in that country.

Chinese mining company Tibet Summit Resources Co. Ltd. has announced its intent to invest $2.2 billion in two lithium exploration projects in Argentina, according to a statement released by the Argentine Ministry of Foreign Affairs.

The company’s president Jianrong Huang shared these plans while conversing with Argentine ambassador Sabino Vaca Narvaja at the China International Import Expo in Shanghai.

As Tibet Summit Resources’ president has explained, his company intends to invest some $700 million into the Devil’s Salt Flat (Salar de Diablillos) project in the Salta province, which is expected to produce 50,000 tons of battery-grade lithium carbonate starting next year when the project is completed.

Another $1.5 billion are expected to be invested by the company in the construction of a plant at the Arizaro salt flat, also in Salta, which may produce between 50,000 and 100,000 tons of lithium carbonate by 2024.

Tibet Summit Resources also said they expect to create some 10,000 jobs in the areas where these projects will be conducted.

“China is the only world player that totally dominates the lithium chain and refines more than two thirds of the lithium that exists today,” the Argentine ambassador said as quoted in the statement. “When we see certain restrictions in some countries of the Atlantic axis on this sector, one thing is clear: lithium is strategic, it will play a fundamental role in the coming years. Our country has a privileged position and we must exploit it to the fullest hand in hand with China”.