After giving initial approval to start producing lithium from 2021 in Argentina, Eramet has postponed the mine project citing economic and regulatory uncertainty in the debt-stricken South American country. Eramet posted a 2019 net loss of 184 million euros, against a 53 million net profit in 2018.
China’s Ganfeng Lithium Co has agreed with Vancouver-based Lithium Americas to take control of the Cauchari-Olaroz lithium project in Argentina's far north. Ganfeng will pay $16 million to increase its stake to 51%, whilst Lithium Americas will get $40 million cash and retain 49% stake, in a deal to be closed before August.
Argentina Mining Secretary, Alberto Hensel, said that his country is the first world destination for lithium exploration. During a conference on the Lithium Triangle Initiative at the headquarters of the Inter-American Development Bank (IDB), he stressed that the sector has two mines in production and in the process of expansion (Olaroz and Fénix), two mines under construction (Caucharí and Centenario Ratones), another 10 in economic evaluation and six in advanced exploration stage.