IDB Invest, the private-sector arm of the Inter-American Development Bank, announced on Friday that it will lead a financing package of up to $700 million to support Posco Argentina's lithium production expansion at its Sal de Oro project in the northwestern regions of Salta and Catamarca provinces. The financing package comprises a loan of up to $250 million from IDB Invest, with an additional $450 million expected to be provided by other international financial institutions. The funding will support the commissioning and phased expansion of two Posco Argentina facilities, one producing lithium hydroxide and the other lithium carbonate.
Once fully operational, the Sal de Oro project is expected to produce approximately 48,000 metric tons of lithium per year. The expansion is designed to enhance Argentina's capacity to process lithium into battery-grade materials, with the project anticipated to generate around 620 jobs. The financing represents a significant commitment to developing Argentina's lithium sector, which plays a crucial role in the global battery supply chain and supports the energy transition through the production of battery-grade materials for electric vehicle and renewable energy storage applications.
Source: IDB Invest announcement, reported by Asian Metal
Source: asianmetal.com