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Government’s Lithium Policy Announced, Boric To Give Further Details

CHILE
  • President Gabriel Boric said on Thursday he would nationalize the country's lithium industry, the world's second largest producer of the metal essential in electric vehicle batteries, to boost its economy and protect its environment. The President is expected to give further details on the government’s national lithium policy during a trip to the northern region of Antofagasta.
  • The government delivered its long-awaited lithium development policy in which the state will partner with companies in projects to tap more of the world’s biggest reserves of the battery metal. Initially, state copper giant Codelco will sign up partners for new contracts. That role would then be undertaken by a dedicated national lithium company.
    • "This is the best chance we have at transitioning to a sustainable and developed economy. We can't afford to waste it," Boric said in an address televised nationwide.
  • The government would not terminate current contracts, but hoped companies would be open to state participation before they expire, he said, without naming Albemarle and SQM, the world's No.1 and No.2 lithium producers respectively.
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