From his tour of Israel, President Javier Milei brought with him the investment commitment of an Israeli technology company that will carry out lithium mining projects, based on a disbursement of US$ 104 million.
This is the company XtraLit, which is mainly dedicated to developing the technology of direct lithium extraction and is the
first Israeli company to enter the lithium business in Argentina
.
Currently, that market is dominated by companies from Australia, Canada, China and the United States.
As specified by the mining company in a statement, the investments will focus on the exploration of lithium, one of the most in-demand materials in the world with applications in the pharmaceutical industry or in the manufacturing of ion batteries.
The directors of XtraLit formalized the agreement after meeting with the chancellor, Diana Mondino, who held business meetings with companies in other areas as well and accompanies President Milei on his international tour that also includes Italy and the Vatican.
In addition, the Israeli company
will open a research laboratory in the country.
Simon Litsyn, co-founder and CEO of driven to invest our technology and capital in the country," he said.
Currently, XtraLit operates with its technology in some of the most exploited salt flats in the country in terms of lithium extraction.
Now, the company intends to extract lithium from salt flats with low mineral concentrations, with an "economically viable and environmentally friendly" method, he warned, surely thinking about the aboriginal communities that inhabit the areas surrounding the mining projects.
Also to those who understand that lithium extraction poses a threat to unique natural spaces of great ecological value such as the Andean wetlands.
According to reports, the Israeli company plans
to open a production plant for lithium ferrophosphate, a material in high demand by the battery industry.
Argentina is the fourth largest producer of lithium in the world (behind Australia, Chile and China), the third in reserves (behind Chile and Australia) and the second in resources (behind Bolivia).
It currently has a portfolio of 49 lithium projects.
And due to the potential concentrated in the so-called "Lithium Triangle", the country plans to climb to third place as a world producer of lithium.
The latest statistics from INDEC on the sector showed that industrial production in Argentina of hydrocarbons and mining accumulated an increase of 9.7% in 2023. According to the official report, the mining industrial production index (IPI mining) Last December, it showed an increase of 10.8% compared to the same month in 2022 and an increase of 6.6% monthly.
The mining IPI includes crude oil extraction, which increased 9% in 2023;
of natural gas, which decreased 0.7%, and support services for the extraction of crude oil and natural gas, which rose 28.5%.
The three activities together increased 11.8% in 2023.