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Argentina Lithium capitalizes on EV demand for critical minerals: #SGMET

In mid-February, Ford Motor Company (NYSE: F) announced a $3.5 billion investment to build a battery plant in Michigan that will help it reach its target of producing 2 million electric vehicles a year by 2030. The battery cells will use technology and expertise provided by China’s Contemporary Amperex Technology, the world’s biggest manufacturer of batteries for EVs.

The announcement follows Ford’s memorandum of understanding (MOU) with Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) in July 2022, in which the two companies agreed to jointly develop more sustainable and secure supply chains for battery and low-carbon materials for the car maker’s EVs. Under the MOU, Ford will explore becoming the foundation customer for the miner’s Rincon lithium project in Argentina, which Rio Tinto acquired in March 2022 for $825 million.

“These kinds of investments and agreements are further proof that this lithium market is not just a flash in the pan,” Nikolaos Cacos, president and CEO of Argentina Lithium & Energy (TSXV: LIT; US-OTC: PNXLF) says. “Ford’s investment in the battery plant bolsters a long-term, sustained bull market for lithium.”

Argentina Lithium’s flagship project at Rincon West is adjacent to and located west and north of Rio Tinto’s Rincon project. Cacos says interest in the exploration project and some of the company’s other assets in the Lithium Triangle of Argentina’s Salta and Catamarca provinces, has been intense.

“I’ve been in this business for 30 years and I’ve never been approached by so many large international companies interested in our projects even at this early stage,” he says. “Battery makers, car companies, hedge funds, and investment companies from all over have contacted us and they have a lot of money to throw around.”