Lithium is key for the energy transition. Twenty percent of world reserves of this mineral are located in Argentina. According to the Rosario Stock Exchange, China is investing nearly US$3.4 billion in Argentina in projects of the so-called “white gold” in Jujuy, Salta, and Catamarca. The United States, however, is betting on not losing ground in mining lithium and other critical minerals.
To this end, United States Under Secretary of State for Economic Growth, Energy and Environment, José W. Fernández, signed a memorandum of understanding with Argentine Foreign Minister, Diana Mondino, on Thursday, seeking to strengthen cooperation in mining investments between the two countries.
He also announced a US$500,000 investment to assist Argentine laboratories and said he would be meeting with 200 companies seeking to invest in mining projects in the country.
“We are not worried,” Fernández said, referencing Chinese investments in Argentina. The undersecretary spoke at a meeting with journalists in the U.S. Embassy in Buenos Aires where Ámbito and the Buenos Aires Herald were present.
He pointed out that his country is promoting supply chain diversification for critical minerals. “China controls two-thirds of the critical minerals produced worldwide,” Fernandez explained. “Whether it’s the supermarket or the minerals market, we all know that having only one seller is never good.”
The U.S government official gave an example of what he considers China’s abuse of its dominant position: “The country is flooding the lithium market; between 2023 and 2024, lithium prices per ton........