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Come get your lithium here, Argentina's mining secretary tells Korean companies

Published: 28 Aug. 2025, 07:00

SEO JI-EUN
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Argentina’s Secretary of Mining Luis Lucero speaks during an interview with the Korea JoongAng Daily at the Four Seasons Hotel in central Seoul on Tuesday. [PARK SANG-MOON]

Argentina’s Secretary of Mining Luis Lucero invited Korean companies to expand their role in the South American country's booming mineral sector, citing lithium and copper as strategic opportunities for bilateral cooperation.

"Argentina has a very positive and pro-investment legal system — plus good geology and low-cost lithium," Lucero said in an interview with the Korea JoongAng Daily on Tuesday. His remarks followed his visit to Seoul for the annual Korea-Latin America Future Cooperation Forum hosted by the Ministry of Foreign Affairs.

“We have lithium coming from brines, which means less operating expenses,” he said. “Compared to our neighbors, Bolivia and Chile, we have a freer system [...] Any company interested in accessing lithium resources can go through the same procedure as for any other mineral.”

Lucero emphasized that lithium from brines costs “roughly 50 percent of the cost per ton” compared to lithium from rock, positioning Argentina as a globally competitive sourcing destination for electric vehicle battery materials.

But Lucero’s remarks pointed more to aspiration than to an existing investment pipeline.

So far, Posco remains the first and only Korean company to invest in Argentina's lithium sector, having acquired salt flat assets in the northwestern province of Salta in 2018 and launched commercial production of lithium hydroxide in 2024.

Although Korea or Asia were not named directly, Lucero’s bilateral meetings with Korean stakeholders and media outreach reflect Argentina’s growing push to diversify beyond its traditional partners, such as Canada, the United States and Australia.

“We heard that there are some potential future expansions [...] so the importance, everything suggests, will increase,” Lucero said. “Hopefully, other mining companies will follow in Posco’s first steps.”

High-level officials from Latin American countries, including Lucero, second from left, pose for a photo during this year's Korea-Latin America Future Cooperation Forum hosted by Korea’s Ministry of Foreign Affairs in central Seoul on Tueesday. [MINISTRY OF FOREIGN AFFAIRS]

In addition to lithium, the mining secretary highlighted the scale of opportunity in other resources beyond lithium, particularly copper.

Argentina currently has seven world-class copper projects now under development, including a $5 billion joint venture between Australia's BHP and Canada’s Lundin. He also cited uranium and exploration projects in Mendoza as further opportunities for Korean firms.

Lucero introduced Argentina’s new large-scale investment regime, known as RIGI (Régimen de Incentivo para Grandes Inversiones), which offers foreign and local companies tax incentives, VAT benefits and guarantees legal and regulatory stability for 30 years.

“Foreign nationals have the same rights as national citizens or companies,” he said. “If the rights of a company are not respected under that regime, the company will be able to sue Argentina in international arbitration.”

Lucero, a lawyer with over 30 years of experience in mining finance and consulting for firms like Rio Tinto, Vale as well as Posco, said his background helps him bridge the needs of investors and government.

“What Korea has done in a few decades is something I personally admire,” he said. “If Korean companies want to bring to Argentina the hard-working spirit and the innovation spirit and the love for technology and R&D — more than welcome.”

BY SEO JI-EUN [[email protected]]