Argentina and South Korea have announced a new partnership aimed at boosting cooperation in the critical minerals industry. The agreement, announced by the Argentine foreign ministry, seeks to promote investments and joint projects in the exploration, extraction, processing, and refinement of critical minerals. This deal follows South Korea's similar partnership with Chile, announced one day prior.
Key Details of the Partnership
The partnership between Argentina and South Korea focuses on critical minerals, which are essential for the global energy transition. Argentina, the world's fifth-largest producer of lithium, and South Korea, a major player in technology and manufacturing, aim to strengthen their bilateral relationship through this agreement. The deal was announced during a visit by South Korean President Lee Jae Myung to Buenos Aires, marking the first visit by a South Korean leader to Argentina in 22 years.
Investment and Project Highlights
As part of the partnership, South Korean company Posco has received approval from Argentina to increase lithium extraction in Salta, northwest Argentina. The project, with a $547 million investment, is expected to produce 23,000 tons of lithium carbonate annually and generate over $300 million in exports each year.
