Lithium Argentina AG has released its fourth-quarter and full-year 2024 results, highlighting key operational and financial milestones at its Cauchari-Olaroz project, which has become Argentina’s largest lithium carbonate operation.
By Panorama Minero
In 2024, lithium carbonate production reached 25,400 tonnes, exceeding initial forecasts. Fourth-quarter production totaled 8,500 tonnes, marking a 25% increase from the previous quarter and reaching 85% of design capacity. Looking ahead to 2025, the company projects production between 30,000 and 35,000 tonnes, with sustained growth in the second half following scheduled shutdowns to optimize chemical recovery and reduce costs.
In terms of operating costs, the cost of sales totaled US$178 million in 2024, with cash operating costs of US$7,130 per tonne sold. In the fourth quarter, cash operating costs decreased to US$6,630 per tonne. For 2025, the company expects similar costs, with estimated sustaining capex ranging from US$600 to US$700 per tonne.
Technological Advancements and Regional Growth
The company is advancing the implementation of new processing technologies developed by Ganfeng Lithium Co. Ltd., including a solvent-based direct lithium extraction (DLE) process. This technology is expected to be integrated into Phase 1 facilities, with a 5,000 tpa demonstration plant set to launch by the end of 2025.
Simultaneously, the company is progressing with the expansion of Cauchari-Olaroz through Phase 2, which will add 40,000 tpa of production capacity. This development will leverage existing infrastructure and new processing technologies. Additionally, the company is preparing a request to incorporate the expansion into Argentina’s Large Investment Incentive Regime (RIGI).
At a regional level, together with Ganfeng, the company is driving a development plan that includes the integration of projects in Salta, such as Pozuelos-Pastos Grandes and its majority stakes in Pastos Grandes (85%) and Sal de la Puna (65%). The strategy aims to achieve up to 150,000 tpa of lithium carbonate production through a combination of solar evaporation and DLE technology.
Financial and Operational Update
In 2024, Lithium Argentina significantly reduced its project-level debt from US$350 million to US$210 million. In January 2025, the company completed its Continuation process from Canada to Switzerland, changing its name to Lithium Argentina AG and listing on the TSX and NYSE under the ticker “LAR.”
As of December 31, 2024, the company held US$86 million in cash and equivalents, along with an undrawn US$75 million credit facility with Ganfeng. Minera Exar S.A., its operating subsidiary in Argentina, maintained approximately US$210 million in third-party debt, including US$50 million in local bonds and US$100 million in bank financing. In early 2025, Exar secured a new US$150 million credit facility, expected to close in the second quarter, offering favorable terms and greater financial flexibility.
