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    Home » Codelco and SQM Partner Up Amid Tianqi’s Challenge

    Codelco and SQM Partner Up Amid Tianqi’s Challenge

    Arushi PandeyBy Arushi PandeyJune 7, 2024Updated:June 7, 2024 Industry News No Comments2 Mins Read
    Codelco & SQM

    Codelco and SQM Partnership on Track Despite Tianqi Challenge

    A plan to start a partnership between Chilean state miner Codelco and the world’s second-largest lithium producer SQM is set for next year. This is according to Codelco chairman Maximo Pacheco, despite a possible challenge from major SQM shareholder, China’s Tianqi.

    Partnership Details and Future Prospects

    Codelco and SQM recently finalised terms allowing SQM to boost production until 2060 in Chile’s valuable Atacama salt flat. This deal gives Codelco a majority stake in SQM’s operations. The collaboration will position the state prominently in the development of lithium, a crucial metal for electric vehicle batteries.

    Tianqi’s Objections

    Tianqi, which owns about 20% of SQM, has raised concerns with Chile’s financial regulator. They argue that a shareholders’ vote is needed to approve the agreement and are considering further actions to protect their interests. The financial regulator is reviewing Tianqi’s complaint and stated that the company could appeal the decision in court.

    Despite these potential legal issues, Pacheco remains confident. “I don’t see how this could keep the partnership from coming to fruition,” he said in a press conference.

    Finalising the Deal and Future Plans

    Codelco and SQM expect to settle the final conditions of the deal in the first half of 2025. Chile is the second-largest producer of lithium globally, due to the output from SQM and Albemarle. The new alliance aims to increase production and develop alternatives to traditional evaporation ponds used in lithium extraction. The alternative technology, known as direct lithium extraction (DLE), is expected to be implemented by 2033.

    “We’re going to be gradual … to combine traditional technology with new technology,” Pacheco added.

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    • Arushi Pandey
      Arushi Pandey

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