Mendoza, July 31 (Argus) - The Argentine Ministry of Economy officially approved on July 31 the investment expansion of the lithium project by the Korean POSCO company.
This is the third project approved under the "Rigi" incentive program within the last week of July. The ministry previously announced in early June that it would approve POSCO's participation in the Rigi plan.
Posco has received a loan of 208 million US dollars for its Sol de Oro lithium expansion project. The total investment will be close to 600 million US dollars.
After the expansion, the annual output of the project will increase by 23,000 tons of lithium carbonate from the original 25,000 tons.
Posco plans to adopt traditional evaporation technology at the mine site. The company also stated that the two upcoming expansion projects of the project may focus on lithium carbonate products rather than lithium hydroxide products.
This is the sixth lithium project to receive approval under Rigi.
On July 29, the ministry issued a resolution approving Liex, a subsidiary of Zijin, to adopt the direct lithium extraction technology and build a 40,000-ton per year lithium carbonate project.
Rigi was established in July 2024 and will last at least until July next year. It provides enterprises with 30 years of legal stability as well as tax and customs benefits.
