Miner is pushing forward the "Coroccohuayco" project to extend the mine's lifespan by decades.

Chile's government launched a plan in April to gain a majority stake in new lithium projects considered strategic, as well as in the current operations in the Atacama.

While Peru has 18 mining projects in its pipeline, only one of those may be developed in the short term.

The company said the country's northern Maricunga salt flats also have the second highest lithium concentration in the world.

A presentation by the state-run entity showed global demand at 3.8 million tonnes by 2035.

Miner will use machine learning and artificial intelligence to improve copper recovery from its Escondida mine.

The next step is the installation licence allowing for the commencement of construction activities for the project.

Lithium Ionic has completed 28,400 metres of drilling across the 8.7 sqkm of Bandeira and Galvani.