China's Ganfeng starts lithium production at Argentina's Mariana project
Summary
Companies
Ganfeng Lithium starts production at Mariana project in Argentina
$790 million investment for 20,000 metric tons of lithium chloride annually
Argentina's incentives expected to attract further investment in lithium, copper
BUENOS AIRES, Feb 12 (Reuters) - China's Ganfeng Lithium (002460.SZ), opens new tab mining company has begun producing lithium at its Mariana project in northern Argentina, it said on Wednesday, kicking off one of several of its new lithium projects under way in the South American country.
Ganfeng is one of the world's biggest producers of the white metal that is mainly used to make rechargeable batteries.
The Mariana plant, in the province of Salta, represents a $790 million investment and has the capacity to produce 20,000 metric tons of lithium chloride per year from extraction at the Llullaillaco salt flat.
Ganfeng also spent $190 million to build a solar park to support the plant's energy needs.
Wang Xiaoshen, president of Ganfeng Lithium Group, said the company's other Argentina lithium projects are advancing. Pozuelos-Pastos Grandes is scheduled to start construction this year, while the Incahuasi–Arizaro project is in the advanced exploration phase, he said in a statement.
Ganfeng is also a co-owner with Lithium Argentina of the Cauchari-Olaroz project, which is already in operation, and the Pastos Grandes project, in the feasibility stage.
President Javier Milei's administration has welcomed mining projects as a way to pump foreign investment into the country, and has offered an incentives scheme praised by international copper and lithium miners.
Argentina, along with Chile and Bolivia, comprise Latin America's so-called lithium triangle containing one of the world's biggest reserves of the ultra-light metal.
A string of lithium projects is in development in Argentina by other companies as well, although some have been delayed due to low lithium prices caused by oversupply and a slowdown in sales of electric vehicles.
Speaking at the project's inauguration, Mining Secretary Luis Lucero expressed hope that the Mariana plant can help strengthen local economies.
"The Mariana project not only represents an important source of foreign currency earnings, but also the creation of genuine, quality employment for hundreds of families," he said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
U.S. equity fund outflows ease on cooling inflation pressure, trade deal optimism
June 13 (Reuters) - U.S. equity funds witnessed the smallest weekly net disposal in four weeks in the week through June 11 as a smaller than expected rise in consumer prices in May, and a U.S. trade deal with China, eased investor worries. According to LSEG Lipper data, investors liquidated just $212 million worth of U.S. equity funds during the week, the smallest weekly net outflow since approximately $13.65 billion worth of net purchases a month ago. U.S. sectoral funds, however, still witnessed net inflows worth a sharp $1.53 billion, the biggest amount for a week in four. Communication services, financial and industrial sectors with $529 million, $399 million and $388 million in net inflows, lead the gains. The equity large-cap, mid-cap and small-cap fund segments, meanwhile, faced a net $2.65 billion, $1.35 billion and $100 million worth of sales. Investors added money into U.S. bond funds for an eight consecutive week, with their $4.08 billion worth of weekly net purchase. They racked up U.S. short-to-intermediate investment-grade funds, short-to-intermediate government & treasury funds, and municipal debt funds worth a notable $2.37 billion, $1.02 billion and $523 million, respectively. At the same time, money market funds had a net $15.18 billion worth of weekly outflow, partly reversing a significant $66.24 billion weekly inflow, gained in the previous week.
Reuters
an hour ago
- Reuters
EU to force companies to share details of Russian gas deals, document shows
BRUSSELS, June 13 (Reuters) - European Union companies will be required to disclose details of their Russian gas deals to the EU, under upcoming European Commission proposals to ban Russian gas imports by the end of 2027, an internal Commission document, seen by Reuters, showed. The Commission is preparing to propose legal measures to completely halt the EU's Russian gas imports by the end of 2027, and ban new Russian gas deals by the end of this year. The proposals are due to be published on June 17. An internal European Commission analysis of its upcoming proposals, seen by Reuters, said they will require companies to disclose information including the duration, annual contracted volumes, destination clause and date of conclusion of their Russian gas contracts.
Reuters
3 hours ago
- Reuters
China May bank loans rise less than expected as trade jitters weigh
BEIJING, June 13 (Reuters) - New bank lending in China rose less than expected in May after hitting a nine-month low in April, as companies and consumers remained cautious about taking on more debt despite interest rate cuts and a trade truce between Beijing and Washington. Chinese banks extended 620 billion yuan ($86.34 billion) in new loans in May, rising from 280 billion yuan in April - the lowest since July 2024, according to Reuters calculations based on data released by the People's Bank of China on Friday. Analysts polled by Reuters had expected May new yuan loans would reach 850 billion yuan, compared with 950 billion yuan a year earlier. The central bank does not provide monthly breakdowns. Reuters calculated the May figures based on the bank's January-May data, compared with the January-April figure. Banks extended 10.68 trillion yuan in new loans in the January-May period, down from 11.14 trillion yuan in the same period last year. Household loans, mostly mortgages, expanded 54 billion yuan in May, compared with a contraction of 521.6 billion yuan in April, according to the bank's data and Reuters calculations. But corporate loans fell to 530 billion yuan from 610 billion yuan in April. The U.S. and China reached a framework trade deal at talks in London this week, after a fragile truce struck in May faltered over China's mineral export curbs, prompting U.S. retaliatory export controls on semiconductor software, jet engines, and other goods. But analysts expect eventual U.S. tariffs, while being rolled back to some degree, will remain much higher than past years, pressuring Chinese exporters, while a protracted property crisis continues to sap consumer demand and confidence. Beijing's raft of monetary easing measures last month aimed at cushioning the impact of the trade war, including rate cuts and a major liquidity injection, did appear to help boost credit demand to some extent, and analysts said the benefits of the measures may not yet be fully realised. Outstanding yuan loans rose 7.1% in May from a year earlier, a fresh record low and down from a 7.2% pace in April. Analysts had expected 7.2% growth. Broad M2 money supply grew 7.9% from a year earlier, the central bank data showed, below analysts' forecast of 8.1% in a Reuters poll. M2 expanded 8.0% in April. The narrower M1 money supply climbed 2.3% year-on-year, compared with 1.5% in April. Outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose 8.7% year-on-year, unchanged from April. An acceleration in government bond issuance to boost the economy helped boost growth in TSF. TSF includes off-balance-sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.
