Bolivia, which is among the countries with the largest lithium reserves in the world, announced on Wednesday the signing of a $450 million investment agreement with Russia’s state-owned Uranium One to exploit the key mineral for the energy transition.

The agreement provides for the installation of a pilot plant for the extraction of lithium, which is absolutely necessary for the manufacture of car batteries, in salt flats in the southern part of the country, the parties announced during a ceremony in La Paz.

Uranium One, a subsidiary of the Russian nuclear power giant Rosatom, will bear the entire cost of the investment in Bolivia until 2025, in other words it will provide all 450 million dollars.

“This agreement validates the production and commercialization model we propose to all companies that want to work with our lithium. We will participate in all stages of the production chain,” said Bolivian President Luis Arce.

Bolivia has one of the largest proven lithium deposits in the world: an estimated 23 million tonnes. Together with Chile and Argentina, they form the “lithium triangle”, the largest deposit of the coveted metal on the planet.

Uranium One was selected from among seven groups that participated in a public tender launched a year ago by the Bolivian public company Yacimientos de Litio Boliviano (YLB).

The pilot plant “will produce 1,000 tons” of lithium carbonate in the first year and then 14,000 tons a year, YLB president Carla Calderon said.

La Paz expects lithium exports to reach $5 billion in value next year, surpassing gas sales, which have been the country’s main resource up to this point. However, the natural gas industry is going through a deep crisis, due to the lack of investment.