Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
China’s Tianqi Lithium has appealed Chile’s financial regulator to reconsider its decision about the SQM-Codelco lithium deal not needing shareholder approval, the Financial Market Commission confirmed on Friday.
Earlier this month, the CMF stated that a proposed lithium joint venture between state-run Codelco and miner SQM would not need to face a vote by SQM shareholders as argued by Tianqi, which owns a fifth of SQM.
“TLC Investments (Tianqi) filed an appeal for reconsideration in relation to the CMF’s pronouncement. The CMF has a period of 15 administrative working days to issue a decision on the matter,” the commission said.
The information had been reported hours earlier by the local newspaper La Tercera.
The Codelco-SQM agreement is a major plank of the Chilean government’s aim to take a stronger role in lithium output, in a country that has only two producers, SQM and US-based Albemarle.
Chile is the world’s second-largest producer of the metal used in batteries for electric vehicles.
(By Fabian Cambero and Natalia Siniawski; Editing by Gabriel Araujo)
Read More: Tianqi weighs legal actions after Chile regulator clears SQM-Codelco deal
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