Argentinian authorities have issued an approval for a $2.5 billion Rincon lithium project to be developed by Rio Tinto under a new mining investment incentive regime.
The mine is being developed with the help of the RIGI incentive scheme which was launched nine months ago in an attempt to boost the country's mining sector and attract international investments.
The RIGI framework is intended to provide tax and customs benefits, access to international arbitration in case of disputes and long-term stability plans.
According to Reuters, other firms that applied for mining projects under the RIGI program include China's Ganfeng, Canada's McEwen Copper and South Korea's Posco. Five of the projects are for lithium, while the remaining two are for gold and copper, respectively.
Argentina is the world's No. 4 lithium supplier and together with Chile and Bolivia forms the so-called "lithium triangle" that holds the world's largest reserves of the white metal used in electronics, electric vehicles and other key technologies.
The country exported $4.8 billion worth of minerals last year, largely gold, followed by shipments of silver and lithium.
Theodor Lisovoy, Managing Editor, Rough&Polished
