Argentina’s state oil agency YPF will begin lithium exploration within the nation subsequent month by way of its subsidiaries, reported Reuters.
The transfer would mark the foray by state-run miners into the sector as Argentina seeks to profit from surging demand for lithium, which is a key steel for rechargeable batteries.
YPF lithium items, YPF Litio and Y-TEC, plan to begin exploration work on a 20,000ha space lithium prospecting mission in Fiambala within the western Catamarca province.
An alliance between YPF and native mining agency Catamarca Minera y Energetica, the mission targets the identification of the very best lithium concentrations in Fiambala salt flats.
Particulars on funding within the mission or the anticipated interval of the exploration part stay undisclosed.
YPF items’ board chairman Roberto Salvarezza was cited by the information company as saying that Argentina is the fourth largest coveted white steel producer on the earth. Round 20 different lithium tasks which are operated by international or non-public miners are at present underneath improvement within the nation.
Salvarezza mentioned: “Now for the primary time we’ve the potential for a nationwide firm having a presence in acquiring the useful resource.”
In line with US Geological Survey estimates, Argentina holds 19.3 million tonnes of lithium reserve.
Earlier this yr, Reuters reported that South Korean steelmaker Posco will spend $4bn on a brand new lithium mining mission in Argentina.
The agency will spend money on a mission at a salt flat on the border between the northern Salta and Catamarca provinces.
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