South Korean steelmaker Posco confirmed an investment in its plant in Argentina for 830 million dollars. They plan to start the first stage of construction in March.
The news was released during a meeting with the Chief of Staff, Juan Manzur, the president of Posco Argentina, KwangBok Kim, and the director of the company, SungKook Chung.
“We made the decision to carry out our project beginning the construction of our commercial plant in March of this year with a direct investment of about US830 million,” said the head of Posco Argentina.
As published by El Cronista, the steel group had already anticipated the investment in mid-December. The project will be developed near the Salar del Hombre Muerto – between Salta and Catamarca.
Once completed, towards the first half of 2024, it is expected to have a production capacity of 25,000 tons of lithium hydroxide per year, enough volume to power the batteries of 600,000 electric vehicles. The announced investment is equivalent to 734 million euros.
The Chief of Staff assured that during the meeting “we analyzed different ways of state support so that this undertaking can continue to grow and generate new jobs, under the environmental standards of our country.”
While the head of the Korean steel company said that Manzur “promised to give all the necessary support for our project to be successful in Argentina.”
“Starting in March, we will begin the first stage of construction of the commercial plant that will significantly generate labor and resources for Argentina,” said the Korean businessman.
Investments in the region
The governor of Catamarca, Raúl Jalil, considered that “there are many mining investments in Catamarca, Salta and Jujuy, especially in lithium, which are going to change the energy matrix of electromobility and everything that is needed for solar panels and energy wind”.
“I am very satisfied with the investment plan that many companies of different nationalities are having. Posco is a very large company that we will visit in April,” said the governor.
Jalill analyzed that the “Argentine economy is growing well” and the PreViaje government tourism system “is working well and all the necessary measures must be taken so that the economy does not stop” in the midst of the coronavirus pandemic.
Posco had announced its plant in the Salar del Hombre Muerto in April of last year. In December, its board approved the plans and disclosed the investment sum, South Korean media reported.
Posco had acquired the rights to mine lithium in the region from the Australian mining company Galaxy Resources in 2018. The purchase of the Sal de Vida Project, in Catamarca, cost it US $ 280 million, it was reported at the time. Those rights cover an area of 22,800 hectares.
Reference-www.eleconomista.com.mx