(Yicai Global) June 2 -- Ganfeng Lithium, a Chinese lithium miner, is preparing new projects in Argentina and pursuing settlement in yuan as it discussed with Argentina’s minister of economy during the latter's visit to China.

Sergio T. Massa and Chairman Li Liangbin met on May 31 to have in-depth discussions on "project construction in Argentina, Chinese yuan settlement, infrastructure construction, and other topics," the Shanghai-based company revealed in a press release yesterday.

Bloomberg reported last week that Massa will continue to discuss the issue of "extending and expanding" currency swap agreements with Chinese officials during his visit that will continue in Beijing today. In January, the Central Bank of Argentina said that the nation and China had expanded their currency swap deals.

The Chinese lithium giant has invested USD2.7 billion in Argentina to eventually have an annual production capacity exceeding 100,000 tons of lithium carbonate equivalent.

Ganfeng Lithium is paying more attention to the local environment as the company uses solar power in Argentina and focuses on community relationships while providing protected areas for local wildlife, per Wang Xiaoshen, president of the firm.

Argentina is expected to become the world’s second-largest exporter of lithium and other minerals in the future, Massa said, adding that “we much hope to continue to strengthen cooperation with such an excellent enterprise as Ganfeng.”

Mining development is of great significance to Argentina, according to Massa. “We will protect the interests of relevant enterprises, jointly promoting local employment under the premise of environmental protection and community relations.”

Editor: Emmi Laine