India’s KABIL will invest US$25M in Argentina’s lithium industry
The Indian mining company called KABIL will spend $25.7 million on lithium mining in Argentina over the next five years. This plan was announced by India’s mines minister, Pralhad Joshi, on Tuesday.
This money will be used for mining lithium in five areas near Fiambalá, a town in the Catamarca province in Argentina. The Indian Ministry of Mines agreed to this investment last month.
KABIL is working to make a deal with CAMYEN, a company owned by the province, by the end of January. They also want to set up an office in Catamarca.
KABIL is a company partly owned by the Indian government. It includes three other companies: National Aluminum Company Limited, Hindustan Copper Ltd., and Mineral Exploration and Consultancy Limited.
KABIL is focusing on 12 important minerals out of 30 identified by the Indian government. These include lithium, cobalt, and other rare minerals.
People are wanting more and more lithium, and Argentina is a great place for mining this important battery material.
The French mining company Eramet S.A. is going to spend a huge $800 million on lithium mining in Argentina.
Argentina’s President, Javier Milei, has also made some changes to make things cheaper for mining companies.
Big companies like POSCO, Allkem Ltd, and Livent Corporation are already running large lithium mining operations in Argentina.
Right now, Argentina provides about 6% of the world’s lithium. Some people think it might even do better than Chile, which supplies about 26%, by 2030. Mining lithium in Argentina is easier because there are fewer rules than in Chile. This is good news for smaller mining companies who want to join in.
Some of the smaller companies working on lithium mining in Argentina include Argentina Lithium & Energy Corp., Recharge Resources Ltd., and Lithium South Development Corporation.
Experts think that by 2025, Argentina could be selling $5.6 billion worth of lithium every year. There’s still a lot of lithium in Argentina that hasn’t even been explored or tested yet.
In 2022, Argentina sold 44,000 tonnes of lithium, which was worth $696 million.
