In for long hall!Argentina hopes to catapult annual lithium carbonate production to more than 230,000t by the end of 2022 from a current 40,000 t/yr. The fivefold increase would boost the value of Argentina's lithium exports to more than $1bn, from just $190mn last year, according to Argentina's mining secretary Alberto Hensel.
The ambitious estimate hinges on $1bn in investment over the next three years, Hensel said.
Fresh off another sovereign debt restructuring, Argentina's government has set up a roundtable tasked with drawing up a 30-year mining plan.
"Argentina needs to strengthen projects that lead to exports, and mining is part of that solution," said planning minister Matias Kulfas.
Hensel pledged that the government would analyze investment incentives, including a possible exemption for profit repatriation. "We must guarantee that companies have access to export revenue," he said.
He also suggested that Argentina could impose a system of "progressive" export taxes to charge lower rates at the beginning of a new development to ensure companies can make a return on their initial investment more quickly. Lithium currently pays an export tax of 8pc.
Argentina, which is among world's top four lithium producers alongside Australia, Chile and China.
Argentina has the world's third-largest lithium reserves.