November 9, 2017 / 5:24 PM / a year ago

FMC Corp announces $300 mln lithium investment in Argentina

BUENOS AIRES, Nov 9 (Reuters) - Chemicals manufacturer FMC Corp said it would invest $300 million investment to double its lithium production in Argentina by 2019, its local affiliate said in a statement on Thursday.

The investment in Catamarca province will more than double its output of lithium to 40,000 metric tonnes per year in two years, unit Minera del Altiplano said.

Catamarca province Governor Lucia Corpacci said the agreement would need to be approved by the province’s legislature.

U.S.-based FMC is one of the so-called ‘big four’ global companies that produce lithium, a mineral used in rechargeable batteries. The price of lithium has rocketed in recent years on the back of an expected rise in demand for electric vehicles. (Reporting by Maximiliano Rizzi and Jorge Otaola; Writing by Caroline Stauffer, Editing by Rosalba O’Brien)

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