Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
Chilean state-owned mining firm Codelco said on Wednesday it will start lithium exploration in the Salar de Maricunga next month, which could present a high-grade reserve of the ultra-light metal that is key for making electric car batteries.
Codelco, the world’s largest copper producer, received an environmental permit to develop the salt flat in November 2020, a move which would help it break into the growing lithium sector after repeated delays as it kept its focus on copper.
Codelco said drilling will begin at the end of March and last about 10 months. Maricunga has some high-grade lithium deposits, though it is less than 5% of the size of Chile’s vast Salar de Atacama, one of the world’s main lithium regions.
“Depending on the results of the campaign, specifically the concentrations of lithium dissolved in the brines of mining properties, the company will define whether it is environmentally and economically viable to continue with the development,” Codelco said in a statement.
(By Fabián Andrés Cambero and Carolina Pulice; Editing by Leslie Adler)
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