On December 22, 2021, local time in Argentina, the groundbreaking ceremony of the lithium salt lake project was held on-site in the Angeles Lake District of Salta Province, Argentina. Power China officially entered the site to carry out the construction work of the salt lake development and construction. According to reports, the two projects to be started this time are the Argentine Lithium Potassium Co., Ltd.'s annual production of 50,000 tons of lithium carbonate salt lake lithium extraction project and the joint operation of the UT project to expand production to 5,000 tons of lithium carbonate annually.

At the end of 2020, Tibet Everest completed its indirect holding of Argentine lithium potassium company through equity acquisition. The project ranks among the forefront of related projects in Argentina in terms of brine quality and planned production capacity. The total investment of the project is nearly 4 billion yuan. It will be the first project for the industrial application of the new technology of lithium extraction from salt lakes in South America and Argentina. In the past two years, the largest newly-built project in Salta Province, Argentina. Tibet’s Mount Everest said that from the perspective of long-term industry demand trends, the Angeles lithium salt lake project will become the company’s new main business and contribute profits to the company after the completion of the construction and production of the Angeles Lithium Salt Lake Project.

It is reported that in the 14th China-Latin America Entrepreneurs Summit to be held in Chongqing in November 2021, the company signed an investment agreement of approximately US$1.7 billion with Salta Province, Argentina, further clarifying the company’s lithium salt lake mining project. Stage goals, development direction and total investment. The government of Salta Province in Argentina has also determined to provide assistance and convenience to the company in the project development process.

With the start of the Angeles Lithium Lake project, the company has made important progress in its long-planned development strategy of one body and two wings. At the same time, the start of the project will officially open a new chapter in China-Arab cooperation. On the one hand, it will stimulate a series of industries such as China’s advanced technology and complete equipment exports; on the other hand, it will also help upgrade the local mining industry in Argentina and contribute considerable taxes to the local area. And it plays an important role in promoting employment and stabilizing people's livelihood. Editor/He Yuting