Two Giants Reshape Argentina’s Lithium Map, With China in the Lead

Argentina’s lithium map is increasingly dominated by two giants: China’s Ganfeng Lithium and Anglo-Australian Rio Tinto. Together, their project portfolios could reach 415,000 tonnes of annual capacity, although Ganfeng is the larger of the two, with a projection of 255,000 tonnes.

The groups’ initial investments and expansions total about $7 billion. That figure could rise above $9 billion if Ganfeng completes its full development plan for Pozuelos-Pastos Grandes. The companies reached their positions differently. Rio Tinto entered the top tier through its global acquisition of Arcadium Lithium for $6.7 billion. Ganfeng spent years accumulating acquisitions, partnerships and its own assets, building projected capacity about 60% higher than Rio Tinto’s.

The race is accelerating as the lithium market begins to recover, although it remains well below the excitement of 2022. At the beginning of September, lithium carbonate traded in China at around 152,000 yuan, or about $21,000, per tonne. That was more than double the price a year earlier, but still below the highs of the previous cycle.

Ganfeng holds a majority stake in Exar, which operates Cauchari-Olaroz in Jujuy. The facility has nominal capacity of 40,000 tonnes a year and produced 34,100 tonnes in 2025. An expansion of another 45,000 tonnes, with Argentina’s RIGI investment regime approved, would lift total capacity to 85,000 tonnes. In Salta, Ganfeng has started Mariana, a lithium chloride project with annual capacity of 20,000 tonnes. The plant required $790 million, plus another $190 million for the solar park that supplies it.

The biggest increase could come from Pozuelos-Pastos Grandes. Ganfeng and Lithium Argentina combined three assets into a platform controlled 67% by the Chinese company. The plan calls for an initial 50,000 tonnes a year, rising gradually to 150,000 tonnes. The first stage would require $1.1 billion, while total investment could reach $3.3 billion. Ganfeng also contributed $180 million through a convertible bond.

The Chinese group’s scale comes as the United States works to reduce dependence on critical minerals concentrated in China. Washington has begun pursuing bilateral agreements, public financing and long-term supply contracts. In February, it signed a critical-minerals understanding with Argentina that still requires congressional ratification. A Buenos Aires forum organized by AmCham Argentina and the U.S. Chamber of Commerce offered loans, guarantees and insurance for projects as part of that effort.