Codelco sticks to SQM lithium deadline as deal opposition mounts
Codelco says it is on track to finalize a landmark deal with SQM well before the next government takes office next year.
Codelco says it is on track to finalize a landmark deal with SQM well before the next government takes office next year.
Company considers Tonopah Flats to be one of the largest identified claystone resource deposits in the country.
Canada has seen a surge in hard rock lithium exploration and development activity following the discovery of Patriot Battery Metals’ globally significant Corvette pegmatite in Quebec in 2021.
The venture by Indonesia Battery Corp and Chinese giant CATL is part of a $6 billion power battery project signed in 2022.
Oversupply from China, however, has dragged prices down more than 90% in the past two years.
Soviet geologists who discovered the lithium deposit there in 1982 suggested it could be significant.
Value of installed lithium in the average electric vehicle sold globally plummets by 89%.
Beyond mining, China for years has been the world's largest refiner of the ultralight metal, with roughly 70% market share.
The site, the company said, is the world’s first to extract, concentrate and convert lithium in a fully integrated, end-to-end process from oilfield produced water.
The unresolved issue poses a potential hurdle for California-based metals exploration firm KoBold Metals' plans to acquire AVZ.
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