BUENOS AIRES, Oct. 15 (UPI) -- Amid a global shift toward electric mobility, Argentina is working to strengthen its position as one of the world's leading lithium suppliers. The so-called "white gold" is a key mineral in electric vehicle batteries, and demand has surged in recent years.
Together with Chile and Bolivia, Argentina forms part of the "lithium triangle," which holds more than 60% of the world's reserves, and aims to become the world's second-largest producer within the next decade.
According to a recent report from the Secretariat of Mining, the country holds 20% of global lithium resources and 13.3% of known reserves. It accounts for more than 11% of global lithium exploration spending and has multiple projects in operation or in advanced stages of development.
In 2024, Argentina produced 74,000 metric tons of lithium carbonate equivalent and expects to reach 130,000 tons in 2025 -- a 75% increase. Exports from the sector totaled $645 million last year and are projected to grow by more than 30% in 2025, driven by the Incentive Regime for Large Investments, or RIGI.
"Countries with lithium reserves and production capacity are competing to position themselves as strategic suppliers for technology companies in Asia, Europe and North America," economist Erika Mildre of fintech firm Inversiones Andinas told UPI.
