SANTO PAULO, August 28th (Argus) - The Inter-American Development Bank (IDB) will provide up to 700 million US dollars in financing to support the expansion of Posco's lithium project in Argentina.
These funds will respectively support the start-up and expansion of the two factories of POSCO in Argentina, one producing lithium hydroxide and the other producing lithium carbonate.
According to the IDB's data, when the Sal de Oro project of POSCO is operating at full capacity, the production of carbonate and hydroxide will be 24,000 tons per year each, totaling 48,000 tons per year.
This financing plan includes up to 250 million US dollars in direct loans from IDB Invest and possibly another 450 million US dollars raised from international financial institutions. These funds are intended to support the start-up and expansion of the project, while leveraging the bank's participation to attract private sector financing.
The bank stated that in addition to the financing plan, the IDB investment will also help the company improve its environment, society and governance, including strengthening risk control, community relations programs, responsible resource management and strengthening corporate governance.
