Chile Signs Deal to Increase Lithium Production

Chile’s Codelco and SQM have formed a joint venture, NovaAndino Litio SpA, to enhance lithium extraction in the Atacama Desert, consolidating government control over significant lithium reserves. SQM transferred its mining concessions in the Salar de Maricunga to Codelco, with the venture managing lithium operations until 2060. This partnership supports President Gabriel Boric’s strategy for increased state oversight in lithium production. The deal received necessary approvals, ensuring compliance with existing commercial commitments, particularly to Chinese customers.

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