Chile rejects Tianqi’s appeal for vote in SQM-Codelco lithium deal
Chile's financial regulator had allowed a planned lithium joint venture between SQM and Codelco to proceed without a vote by SQM shareholders.
Chilean lithium miner SQM and state-run Codelco have reached a memorandum of understanding to form a government-controlled partnership for the future production of the key rechargeable battery metal, the firms said on Wednesday.
The two companies agreed to form a new company in which Codelco will have a majority stake and which will begin a first phase of operations in January 2025, the companies said in statements.
State-controlled public-private partnerships are the key element of President Gabriel Boric’s new lithium mining strategy announced last April aiming to generate more broad-based benefits from surging demand for the ultra-light white metal.
(By Natalia Ramos, Fabian Cambero and Brendan O’Boyle; Editing by David Alire Garcia)
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