Peru’s economy minister declared on Thursday that “conditions were being establish” for the development of lithium mining projects in the nation.

The Macusani Yellowcake subsidiary of Canada’s American Lithium Corp. is currently managing an a lithium research project in the Puno region, close to the Bolivian border, in Peru.

The “lithium triangle.” Which is made up of Chile, Argentina, and Bolivia, is close by and is said to have more than half of the world’s minerals within its vast salt flats.

The nation’s GDP should expand by 3% annually on average during the ensuing years importent in large part to new mining operations.

The government will have a fiscal deficits of 2.1 percent of GDP. And private investment is anticipat to decline for the second year in a row in 2023.