From Yahoo Finance: 2025-05-20 16:41:00

Argentina’s government approves $2.5 billion Rio Tinto lithium mining project, first under new investment scheme. Concerns over delays for other projects under RIGI program. President Milei aims to boost mining sector for economic stability. Argentina is world’s No. 4 lithium supplier, part of “lithium triangle” with Chile and Bolivia.

Other firms like China’s Ganfeng, Canada’s McEwen Copper, and South Korea’s Posco applied for projects under RIGI program. Five projects for lithium, two for gold and copper. Only Rio Tinto’s project approved, despite 45-day decision rule. Complex approval processes and rush to apply may have caused delays.

RIGI framework offers tax benefits, access to international arbitration, and long-term stability plans. Argentina exported $4.8 billion of minerals last year, mainly gold, silver, and lithium. State agencies did not comment on potential causes for delays in project approvals. Argentina aims to increase foreign currency through mining projects.

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