Lithium roundup: Posco loan, Rincón expansion, YPF exploration, and more

Posco loan

South Korea's Posco will receive a loan of up to US$668mn to finance a 23,000t/y plant to produce lithium carbonate equivalent. Construction is expected to finish in August 2025.

The loan involves BNP Paribas Seoul, Citibank Hong Kong, Crédit Agricole Corporate, JPMorgan Chase Bank, Bank of America, and others.

The plant is part of the second stage of the Sal de Oro project, which is in the advanced exploration stage in the Salar del Hombre Muerto along the border of Catamarca and Salta provinces.

Last year, Posco obtained a US$411mn loan to help import inputs and finance the construction of a pilot plant and related infrastructure.

Rincón expansion

The mining and energy secretariat of Salta province authorized the JV between Australia's Argosy Minerals and Argentina's Puna Mining to advance construction of the third stage of the Rincón project.

The authorization allows production of 10,000t/y of battery grade lithium carbonate for 16.5 years and commercialize up to 12,000t/y.

Argosy owns 77.5% of the project and will start the search for partners to secure financing for the phase.

The first stage included a pilot plant that produced 30t of battery-grade lithium carbonate, of which 25t were sold to Asian customers. The second stage is underway and includes a 2,000t/y plant, starting this year.

YPF lithium exploration

State oil and gas company YPF is exploring 20,000ha in Catamarca province as part of its first lithium project and based on an association with provincial company Camyen.

In a first stage, lithium potential and content will be identified, followed by deepening of wells and building pools, storage and processing structures.

YPF plans to implement a lithium and green hydrogen production line, in addition to other clean energies, between 2030 and 2050.

United Mining investment

Multinational United Mining Project Corporation, based in the United Arab Emirates, will invest US$550mn in the 9,000ha Río Grande lithium project in Catamarca. Construction is planned to finish in 2028.

The drilling campaign began in April, after the installation of a temporary camp was completed last year and the environmental impact assessment approved.

The company acquired the property and exploration rights in 2022 by purchasing Marhen Lithium.