Value of Argentina's Lithium Exports Increased by 133% This Year

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Argentina continues to bet on its mining industry, especially in lithium production, as it attracts international attention to the sector.

In March this year, Argentina recorded lithium exports worth US$91 million, representing a year-on-year increase of 93%. Meanwhile, in the first three months of this year, the South American nation earned US$233 million from lithium exports, accounting for a 133% boost compared to the same period last year.

Lithium, a mineral used in electric car batteries, has been in demand amid the transition to cleaner energies. Meanwhile, Argentina hopes to become a major player in the lithium market as it holds one of the largest reserves.

According to the United States Geological Survey (USGS), Argentina has lithium resources of 20 million tons, only behind Bolivia, which hosts 21 million tons. Bolivia, Argentina and Chile, which have the largest lithium reserves, account for over 50% of the lithium resources, based on the USGS January report.

In the first quarter, China and Japan top the list of importers of Argentina's lithium, with 31% of the share each, followed by the United States, with 13%. Additionally, the government highlights in the report that the volumes of lithium exports in the first quarter represent a boost of 22.9% compared to the same period last year.

Currently, Argentina has 38 lithium projects in the phases of construction, feasibility, economic assessments, and exploration.

In an interview Minister of Mines Fernanda Avila told Telam Radio that the government expects to add another six new lithium projects, "which will allow us to increase our lithium production capacity six times," she said.

Additionally, the minister highlighted that lithium exports throughout 2022 represented 18% of all the sales last year, while in the first three months of this year, the mineral accounted for 23% of all exports.

"Argentina is playing a dominant role in the energy transition context. Our country has the resources, human, and scientific capital to become a central actor in this context," said Avila during the interview.

Argentina recorded $753 million in total exports of minerals in the first quarter, excluding lithium, with gold representing 53% and silver 20% of all the sales.

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