Mining boss Ellison tells investors: ‘I hate what I’ve done’
The executive has been pressured to explain why the company made historical payments to offshore entities he controlled.
Local mining officials in northwest Argentina have approved a two-year permit for Argentina Lithium & Energy Corp to kick off exploration efforts in the Paso de Sico concession, the company said on Thursday.
Argentina is pushing to accelerate investments in lithium, the key battery metal, which is seen as a bright spot for the battered South American economy that could power export growth and boost much-needed foreign currency reserves.
Under the permit approval from the mining and energy secretariat in Argentina’s northwestern Salta province, the company will launch a drilling program to evaluate lithium concentrations in area salt flats, part of the Rincon Oeste project.
It lies next to major miner Rio Tinto’s similar lithium development Proyecto Rincon.
Argentina Lithium & Energy Corp will now be able to better evaluate Rincon Oeste’s potential, its CEO Nikolaos Cacos, said in a statement.
(By Lucila Sigal; Editing by Jan Harvey)
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