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.
China’s Tianqi Lithium said on Wednesday that Chilean authorities’ rejection of a request for a vote on a planned lithium joint venture between state-run Codelco and miner SQM is not expected to have a major impact on its 2024 financial results.
Tianqi owns a fifth of SQM and is the miner’s second-largest shareholder.
Chile’s financial regulator said the Codelco-SQM joint venture does not need to face a vote by SQM shareholders. The deal would give the state a key role in producing lithium, while letting SQM boost output of the battery metal.
Chile is the world’s second-largest producer of lithium.
(By Ethan Wang, Siyi Liu and Ryan Woo; Editing by Peter Graff)
Read More: Codelco-SQM lithium deal can proceed without shareholder approval, regulator says
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