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The new exploration will allow the firm to expand its existing resources in the southern Puno region, bordering Bolivia, said Ulises Solis, chief executive of the subsidiary, known as Macusani Yellowcake SAC.

Along with Chile, Argentina and Bolivia, Peru forms part of the “lithium triangle,” which is believed to contain more than half of the world’s resources of the metal across extensive salt flats.

Solis said in a speech during an industry event that the company received authorization last Friday to develop exploration activities in the Quelcaya area, located a few kilometers from the company’s Falchani project.

Last month, Peru’s economy minister, Alex Contreras, said “conditions were being established” to develop lithium mining projects in the country, a week after Chile launched a plan to boost state control of the industry.