Considered by specialists to be the best center in Argentine basketball history, Fabricio Oberto continues to surprise both inside and outside the courts. The former NBA player, who was able to stand out in the National Team as a member of the ‘Golden Generation’ and today defends Atenas de Córdoba in the National League, confirmed us that he intends to enter the lithium business. For this reason, he met with Catamarca government’s representatives, to whom he expressed his intention to invest in the exploration and extraction of that resource.
Although he did not give further details about the agreement reached in that meeting, in which Production Minister Ángel Mercado also took part, the basketball player confirmed his interest in the development of the mineral, abundant in Northwestern Argentina. «Basically, I am interested in lithium, and I trust in Catamarca. I have been participating in the wine industry there since 2008,» he pointed out. Along with oenologist and businessman Juan Longo, he produces his own wine brand in Tinogasta city, 280 km west of the provincial capital, which is exported to countries like Brazil, Finland and Croatia.
Rising demand
Lithium is a light mineral of multiple uses in the energy, chemical and petrochemical industries. More and more demanded in the international market, particularly for being critical in mobile phone battery manufacture, it is also used in nuclear generation and the production of batteries, ceramics, crystals, lubricants, pharmaceutical products, air conditioners, aeronautical equipment and aluminum alloys, among others.
The country possesses large reserves of lithium carbonate and chloride in Catamarca, Jujuy and Salta brines; in addition, there are pegmatite deposits in Catamarca, San Luis and Córdoba Mountain Range.
The local business is in full expansion. So far, the main investment announcements were made by Australian mining companies ADY Resources, Orocobre and Galaxy Resources, Japanese automobile manufacturer Toyota and Canadian Lithium Americas Corporation and Lumina Copper.
Figures
According to latest data reported by the United States Geological Survey (USGS), identified lithium reserves in Argentina nowadays amount to 850,000 metric tons (mT). However, in the short-term, this figure could more than triple and rise up to 2.5 million mT.
At production level, the country is in fourth place globally, after Australia and Chile, which produce 13,000 mT annually, and China, with 6,000 mT. Argentina, with 2,700 mT, surpasses countries like Portugal (820 mT), Zimbabwe (500 mT) and Brazil (490 mT).