Argentina plans to double lithium revenue by 2027

Argentina plans to double its mining exports from $4 billion to $10 billion as soon as 2027, amid new lithium projects coming online soon, combined with a renewed effort to expand production and copper exports, Reuters reported on Wednesday, citing the Argentine. Ministry of Mines.

Newly installed mining secretary Luis Lucero told Reuters on Wednesday that Argentina is poised to become a key supplier of lithium and copper to the world, with demand for electric vehicles poised to put the country at the top of the mining beneficiary list.

For lithium, the country – now ruled by libertarian President Javier Milei – Argentina is currently the world’s fourth-largest producer behind Chile and China, but hopes a series of new projects will propel it to the top spot.

“Argentina has an important window of opportunity with lithium and copper to be a supplier in the international trade of these metals,” Lucero said in written responses to Reuters.

Lucero told Reuters that Argentina is looking for annual production of 200,000 tonnes of lithium carbonate equivalent in either late 2025 or early 2026, rising to 250,000 tonnes annually and making lithium its biggest mineral export.

Questions remain about global demand for lithium, particularly amid a production surge in China that has created large stocks. Analysts continue to warn that the technology may not develop as quickly as lithium stocks, and new battery technology could end up overtaking lithium as the key element.

However, these words of caution haven’t stopped Big Oil from dipping its toes into lithium with ExxonMobil last month signing a preliminary agreement to supply lithium to South Korean battery maker SK On shortly after it began drilling for lithium in Arkansas.

By Tom Kool for Oilprice.com

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