The president of Peru’s National Society of Mining, Petroleum, and Energy said the project will create 9,000 jobs during its construction phase and additional 2,500 once it goes into production.
The expansion, on top of a $238 million upgrade due for completion in April, will double the mine’s production to 1.95 million tonnes a year of lithium concentrate a year from 2020.
Adani is looking to buy mines in countries such as Indonesia and is securing financing for its Carmichael mine in Australia amid challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef.
From the $939bn invested in major projects between 2008 and 2017, the world’s top 40 mining companies by market cap. wrote-off $273bn or 29% of the initial capital outlay.
The Dmitrii Donskoi is believed to have sunk in a naval battle 113 years ago, carrying the treasury of the entire flotilla, which would have included port expenses, as well as salaries of sailors and officers.