Eramet (EPA: ERA) plans to invest about $350 million to expand its production of battery metal lithium in Argentina, the French mining group said on Thursday.
The expansion, subject to a final investment decision (FID), aims to add 11,000 metric tons of annual capacity of lithium carbonate equivalent, on top of current capacity of 24,000 tons, Eramet said.
Eramet plans to seek inclusion under Argentina’s RIGI investment scheme, it said in a statement issued after Chair and CEO Christel Bories met Argentine President Javier Milei in Paris.
The company did not give a timeline for the expansion. It had said in July that it was targeting the FID by the end of 2027.
Eramet’s Centenario facility, located in the so-called lithium triangle that also includes parts of Chile and Bolivia, started production in late 2024.
Eramet developed the facility with Tsingshan before buying out its Chinese partner in 2024.
Eramet has scaled back earlier plans for a second phase of its lithium operation as it tries to recover from poor financial results and mounting debt.
The group is planning a €500 million ($565 million) capital increase and sales of stakes in certain assets by the end of the year.
($1 = 0.8853 euros)
(Reporting by Gus Trompiz in Paris and Hugo Lhomedet in GdanskEditing by Milla Nissi-Prussak and David Goodman)
