Argentina and South Korea have announced a partnership to deepen cooperation in the critical minerals industry, Argentina’s Foreign Ministry said Friday. The announcement followed a meeting in Buenos Aires between Argentine President Javier Milei and South Korean President Lee Jae Myung during Lee’s South American visit. It came one day after South Korea announced a similar critical minerals partnership with Chile.

Argentine Foreign Minister Pablo Quirno said the agreement aims to encourage investment and joint projects in the exploration, extraction, processing and refining of critical minerals. Argentina’s presidential office said the leaders discussed strengthening bilateral relations, expanding trade and investment, cooperation in critical minerals and energy, and developing joint projects in strategic sectors. The visit was the first by a South Korean leader to Argentina in 22 years.

On Friday, the Milei administration also authorized South Korean company Posco to expand lithium extraction operations in Salta province in northwestern Argentina. The Economy Ministry said the $547 million project could produce 23,000 tonnes of lithium carbonate annually and generate more than $300 million in yearly export revenue. Argentina is the world’s fifth-largest lithium producer.