Argentina approves Galan Lithium for incentives scheme, but rejects Ganfeng
Argentina approved Australian miner Galan Lithium's $217-million lithium project in the Catamarca province for a new incentives programme known as RIGI, but rejected a separate bid from China's Ganfeng for its Mariana project, Economy Minister Luis Caputo said on Wednesday.
The Incentive Regime for Large Investments, or RIGI, went into effect last year as part of President Javier Milei's efforts to encourage investment in the long-troubled economy by offering benefits including tax breaks and access to international dispute courts to eligible projects.
The global mining industry has been closely tracking whether the scheme can encourage investment in the long-stalled copper industry, and aid lithium projects at a time of low prices for the battery metal.
Galan Lithium's project at the Hombre Muerto salt flat is the sixth investment to be approved for RIGI benefits, bringing the total planned spending under the regime to $12.8-billion, Caputo said. The only other mining investment to be approved so far is Rio Tinto's Rincon lithium project.
Ganfeng and Galan Lithium did not immediately reply to requests for comment. Caputo said Ganfeng's Mariana project did not qualify because the miner had already begun work before applying for RIGI.
"It did not meet the requirements for entering the regime, including the obligation to make minimum investments required for the next two years," Caputo said.
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