The early-stage Altoandinos project is part of President Gabriel Boric’s agenda to open up new areas to lithium extraction in a bid to double output.

The two companies formed a JV to produce high-purity lithium compounds from geothermal brine.

The miner remains committed to commissioning the Kamativi lithium tailings project despite the weak price of the battery metal.

The build marks the first lithium-ion battery critical mineral extraction plant in North America’s north-east, the company said.

Net proceeds will go towards Lithium Ionic's two development projects, Itinga and Salinas.

Senior CNGR executives visited at least three deposits in Argentina last week.

Friday's pact, while seen as pivotal to boost Chile's lithium output, would potentially dilute Tianqi's stake in SQM.