The BMW automotive group announced that it had signed a $334 million contract with the U.S. mining company Livent, which is in charge of lithium extraction in the Salar del Hombre Muerto, in Catamarca, Argentina. This agreement will make Argentina the second-largest lithium producer in the world as of 2022. BMW to buy lithium in Argentina for $334 million.
First-quarter inflation seriously compromises the 29% target set by the Government and the strategy of aligning expectations around the guidelines of the 2021 Budget. Consultants and economists agree that the figure will be around 4%. They anticipate that increases could begin to ease in April.
Edenor and Edesur, the two largest electricity distributors in the country, yesterday raised the need to apply increases of between 28% and 34% in residential tariffs this year. They clarified that if the Government decides not to raise tariffs on users, the companies would need subsidies for 54,260 million pesos ($590.68 mn) to maintain the current services.
The economic activity started 2021 with an improvement of 1.9% concerning December last year, according to data published this Tuesday by INDEC. Thus, it accumulated its ninth consecutive monthly rebound and was only 1.3% below pre-pandemic levels.
After an investment of $39 million, Genneia's wind farm started operating after an investment of 39 million dollars, the Chubut Norte II Wind Farm developed by the leading renewable energy company, Genneia, started working this week. With an installed power of 26.28 MW, it will generate 120 GWh per year, oriented to the Renewable Energy Term Market.
New York Judge Loretta Preska ruled against the country in the case brought by the vulture fund Aurelius due to how during 2014, Cristina Fernández de Kirchner's government modified the mechanism for measuring the national GDP. If the case settled, the country should pay a minimum of $1.2 billion for the GDP Coupon. According to Preska, the government acted in "bad faith".
With an investment of $8 million, the Brazilian firm Raízen - Shell's licensee in Argentina - inaugurated yesterday at its Dock Sud refinery to produce propellant gas for the cosmetics manufacturing industry. The plant is one of the first to be carried out within Raízen's investment plan for $715 million for 2020/23, which the Government announced.
Formal employment in the construction industry continues to recover and in January registered a 2% monthly growth, thus exceeding 300,000 jobs once again. Construction employment grew by 2% monthly in January.
Sociedad Comercial del Plata closed 2020 with a net profit of Ps. 892 million ($9.7 mn), despite a 14% year-on-year drop in consolidated sales.
Trufas del Nuevo Mundo is an SME with more than 50 hectares in the town of Espartillar in the province of Buenos Aires and, by 2024, expects to reach an annual production of 1,500 kilograms. In the European market, trufas worth more than 1,500 euros per kilo. In Trufas del Nuevo Mundo, the export value ranges between $750 and $900, although they reached $1,100. From its beginnings in 2012 to the present, the company invested some $ 3.6 million. The investment values represent 30% of the profit.