April 8, 2020 / 6:17 AM / 2 months ago

French group Eramet abandons planned Argentina lithium project

PARIS, April 8 (Reuters) - Eramet has abandoned plans for an Argentine lithium mine project due to uncertainty caused by the COVID-19 health crisis, the French mining and metallurgy company said on Wednesday.

“In the current context of the coronavirus pandemic and considering the many uncertainties that currently weigh on the global economy and our markets, we have decided not to engage the construction of our lithium production plant in Argentina,” Eramet chairman and CEO Christel Bories said.

The decision will result in an expense cost of some 150 million euros ($163 million), including an asset impairment charge, and cash outflows of approximately 90 million euros in 2020, it said.

$1 = 0.9219 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely

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