Argentina’s lithium exports hit an all-time high last month, and grew 234% last year. With three active mines and an additional 38 in development, Argentina is now the fastest-growing lithium producer in the world.
Lithium is key: prices are now roughly seven times what they were in 2020, as the world scrambles to secure critical inputs for the energy transition.
In fact, just last week, EU chief Ursula von der Leyen was in Buenos Aires to sign a raw materials deal with President Alberto Fernández.
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Intrigue’s take: Clearly Argentina has something the world wants. And in return, Argentina stands to get something it needs: the government is seeking to avoid a currency devaluation before elections this October, and for that it needs… you guessed it, foreign currency.
Also worth noting:
- Argentina has rolled out incentives to foster mining investment with the aim of hitting $10B in annual mineral exports by 2030. That figure was at $3.9B last year and is on track to reach $6B this year.
- Dozens of international miners are now operating in Argentina, including China’s Ganfeng and the US-based Livent, which have both agreed to supply lithium for BMW’s EV batteries.