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.

It's the second application for a concession Nexa has submitted in the last eight days and it targets the mineral-rich Cajamarca region.

The court ruled the state failed to comply with its duty to regulate and supervise La Oroya Metallurgical Complex, which was active for nearly a century.

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

The DRC overtook Peru as the world's second largest copper producer in 2023.