Monday, December 11, 2023

The owner of Fiat and Peugeot invests US $ 90 million in Argentine lithium and changes its number one in the region

Peugeot Citroën Argentina, subsidiary of the group Stellar, invest US$ 90 million in the ALE company (Argentina Lithium and Energy), a way to secure a key input for the production of electric cars.

The agreement assumes that the group, which also manages the Fiat and Jeep brands, acquires with these funds a participation in ALE that will give it 19.9%​​​​ The rest of the company is in the hands of Argentina Lithium.

The funds provided by Stellantis will be used to develop ALE projects, which have mining concessions covering more than 57,000 hectares in the provinces of Salta and Catamarca.

With the acquisition of the Argentine company, Stellantis will get up to 15,000 tons per year of lithium for a period of seven years that can be extended.

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This is Stellantis’ second mining investment in Argentina. At the beginning of the year, the company announced spending US$155 million to buy a 14.2% equity stake in McEwen Copper, a subsidiary of Canadian mining company McEwen Mining. owner of the Los Azules project in Argentina and the Elder Creek project in Nevada, USA.

Los Azules plans to produce 100,000 tons of cathodic copper per year with a purity of 99.9% starting in 2027 and the resources will ensure operation for at least 33 years.

New South American director

On the other hand, Stellantis announced that Emanuele Cappellano He was appointed Director of Operations for South America, replacing Antonio Filosa.

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Cappellano held the position of CFO of the company in South America from 2017 to 2021, and is now General Director for North America and Corporate and Strategy Director of the Marcolin Group since 2021.

In Argentina there is no single reference for the group, but Fiat and Peugeot have a country manager and both will report to Cappellano from now on.

On the other hand, Antonio Filosa will be the CEO of the Jeep brand, replacing Christian Meunier.

Nation World News Desk
Nation World News Desk
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