Chinese Tsingshan Group, the world's leading stainless steel producer, has opened its office in Salta, Argentina, as it will form part of the Centenario-Ratones lithium project.

This materializes from a commercial agreement between Tsingshan Group and the French group Eramet, through which the Chinese company acquired a 49.9% stake in this project.

Tsingshan Argentina and the Eramet group entered into this agreement in November last year, which meant an investment of US$365 million for the Chinese company to advance in phase 1 led by the subsidiary in Argentina, Eramine South America.

The phase 1 includes the construction of a lithium production plant whose facilities will be located in the Centenario-Ratones region of Salta Province and will begin operation in 2024, expected to generate more than 2,000 direct and indirect jobs.