Amid growing global demand for lithium, driven by energy transition and electromobility, Argentina remains on the radar of foreign mining companies. The latest to advance on the local “white gold” is the Indian state mining company Khanij Bidesh India Limited (Kabil) which will invest 24 million dollars in the exploration and extraction of lithium in the province of Catamarca.
This mining company and the provincial company promoting mining affairs, CAMYEN, have signed an agreement to start prospecting in 15,000 hectares located in the vicinity of the municipality of Fiambalàin the Andean area of the province governed by the Peronist Raúl Jalil.
The mining company that decided to come to Argentina was created in 2019 in India and hopes to mainly create a supply chain ecosystem in that country, which is the most populated in the world, since – with an estimated population of 1,428 million inhabitants – last year it surpassed China. In 2023, the Asian country detected lithium deposits in its territory for the first time.
Regarding the exploration deal signed in Argentina, India’s Minister of Parliamentary Affairs, Coal and Mines, Joshi Pralhad, said on his X (formerly Twitter) account that “the project will help India strengthen supplies of lithium, at the same time which will allow the development of lithium extraction and the “downstream” sectors (processing, marketing and distribution of the mineral) of both countries.”
The choice of investment has to do with the fact that Argentina, together with Bolivia and Chile, is part of the so-called “Lithium Triangle”, a vast territory in the Andes mountain range which hosts the world’s largest reserves of this mineral.
Argentina currently has several dozen lithium-related projects in its portfolio that are already in full production and in the expansion phase. And it expects to reach third place in the world on the list of lithium-producing countries, currently led by Australia, Chile and China.
There are three operational projects: the Salar de Olaroz in Jujuy, managed by the Australian company Allkem; Fénix in Catamarca, by the American Livent; and Caucharí Olaroz in Jujuy, under the Exar company. The merger of Allkem and Livent, now worth $10.6 billion, cements it as the owner of the country’s two oldest projects.
According to Susana Peralta, director of Camyen, Kabil plans to invest not only in lithium, but also in gold and copper mining.
For this reason, Indian managers and officials have decided to explore Antofagasta de la Sierra and Tinogasta to evaluate the opening of new deposits. The Indian mining company will reportedly explore five lithium blocks in the area for five years and plans to establish a branch in Catamarca.
Source: Clarin
