
GM investment in Lithium Americas involves Argentina projects
Lithium Americas will receive US$650 million from General Motors (GM) in an agreement that involves the Caucharí-Olaroz, Pastos Grandes and Sal de Puna projects the Canadian miner owns in Argentina.
The deal gives the US automaker a 10% stake in Lithium Americas, which will use the capital to strengthen its lithium businesses in the US and Argentina through two independent companies, according to a press release.
GM has a strategy to secure its electric vehicle supply chain through 2030 and Argentina is the main exporter of lithium to the US, said Jorge Argüello, Argentina's ambassador to the US in a recent column. It's no surprise then that GM would want to channel investments to Argentina, where it has already allocated millions of dollars to an auto plant it owns in Santa Fe province.
The deal between GM and Lithium Americas could open the door to a collaboration in the projcets the miner owns in Argentina, such as the US$852mn Caucharí-Olaroz project in Jujuy province, which is expected to start production this year with a capacity of 40,000t/y of lithium carbonate.
Pastos Grandes, in Salta province, has a US$448mn budget and planned capacity of 25,000t/y. Sal de Puna, which Lithium Americas acquired from Canada's Arena Minerals in December, is targeting production of 24,000t/y.
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