BUENOS AIRE (Reuters), South Korean steelmaker Posco announced on Monday it will invest $4B in a new lithium mining site in Argentina. The company is trying to capitalize on the growing demand for the rechargeable metal.

Following a meeting between the company and local officials, the announcement was made.

Funds will be used to fund a project in Salar de Hombre Muerto salt flat, which is located near the border between Catamarca Province and Northern Salta.

Posco anticipates initially producing 25,000 tonnes lithium hydroxide per annum, which is a high-demand product for lithium battery manufacturers. Once the venture has been completed, it will produce 100,000 tonnes.

According to President Alberto Fernandez, the export value of the project will reach $260 million annually over the next thirty years.

Posco issued a statement confirming the numbers to Reuters.

Argentina, which is also part of the “lithium triangle”, includes Chile and Bolivia. These countries are home to some of the largest lithium reserves in the world.

Posco initially planned to invest $830 million into the venture. But, due to changes made to the original project, it increased the amount. Salta’s mining division reports that Posco has since increased its investment.