ANDl Ministry of Economy of the Nation gave the company Eramine South America the registration certificate to the Investment Promotion Regime for Lithium Exports. In this way, the mining firm continues to advance with its investment of $680 million in the lithium project Centennial-Micelocated in the province of Salta.
The initiative has a life expectancy of over 40 years and aims to Start your exports from 2024with an initial annual projection of US $74 million that will gradually increase until it reaches $300 million in 2026. In addition, it will be the first project whose production is obtained 100% through a direct extraction method in the country.
The Investment Promotion Regime for Exports (Decree 234/21 and 836/21) it allows companies to have free availability of a fraction of the total amount of foreign currency brought into the country. This allows them to cancel the debts they contract to finance the projects while ensuring a surplus exchange balance for Argentina.
In this regard, the Minister of Economy and Labor Sergio Massa he claimed: “Argentina has the possibility of becoming a key player in the context of transition towards cleaner energy and the delivery of the certificate is a great step in the construction of a framework of trust and promotion of the mining sector.”
Today, Argentina is already the fourth largest lithium producer in the world. In the short term, it is expected that another five lithium projects, which are currently under construction, will enter production in the provinces of Jujuy, Salta and Catamarca. They are Cauchari Olaroz and Mariana, both from the Chinese firm, Ganfeng Lithium; Gold Salt from South Korea’s POSCO; Sal de Vida from the Australian company Allkem Lda; and Tres Quebradas of the Chinese company, Zijin Mining Group.
While the Secretary of Mining Fernanda Avila stated that “This represents another step in the creation of a development framework for the mining industry, which generates clear rules and provides legal certainty. We want companies to bet on the resources and human and scientific capital that our country offers.”
Source: Ministry of Economy of the Nation