UAE-based UMPC is set to invest $550m (Dh2.02bn) in a lithium project in the Argentine province of Catamarca, according to the company’s LinkedIn post.

UMPC, which specialises in developing solutions for the mining industry, will commence a lithium extraction development plan in Argentina.

In 2022, UMPC representatives engaged in discussions with officials from Catamarca, Argentina, regarding potential investments in lithium projects.

UMPC CEO Bradley Pielsticker and Vice-Governor Rubén Dusso, along with Lisandro Álvarez, Minister of Industry, Commerce and Employment, evaluated possible mining ventures.

Pielsticker emphasised the company’s dedication to launching a project that would improve the economic situation in Catamarca.

In its LinkedIn post, UPMC said: “We are pleased to share our latest press release about UMPC’s significant investment in Argentina.

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“After two years of negotiations between the government of Catamarca province and a foreign consortium, the project discussed over this period has finally become a reality.”

The company signed an accord to start exploring and developing the Rio Grande Sur lithium brine salar project, reported.

The investment will be allocated to constructing mine infrastructure, extracting the battery metal and processing it.

This project is expected to create around 700 jobs during the construction phase and maintain 200 during the production phase. It is projected to contribute $168m to the local economy.

The Rio Grande Sur Lithium Project encompasses five tenements spanning 9,260 hectares at the Rio Grande Salar in Salta province.

Last month, the Supreme Court of Argentina’s Catamarca province ordered a suspension of the construction of two Arcadium Lithium projects after an injunction filed by an indigenous community.

These projects, both located in the Antofagasta de la Sierra department, are now on hold until an environmental impact study is done.