Tianqi acquired a near-quarter share of SQM in 2018 for $4.1 billion amid concerns the deal could give Tianqi a near monopoly over the global lithium market.

“China’s willingness to open up to the world, and the world’s willingness to work with China” is integral to the future of energy, BHP's Mike Henry said.

Zijin Mining has warned that US-led efforts to tackle Beijing’s control of minerals could slow the company’s global expansion.

Washington's drive to make the United States a major global lithium producer is being held back by a confusing mix of state regulations.

The feasibility study for the plant is expected to be completed in the March quarter of 2025.

Tianqi holds about a 20% stake in SQM, which on Thursday told shareholders talks were ongoing with Codelco over a new lithium partnership.

Shandong Gold and Zijin Mining are among companies showing early interest.