Companies such as Arcadium Lithium and Posco Holdings are free to continue producing the metal and developing existing projects, Catamarca said.

If extended to value-added Chilean lithium, the subsidies will make it more attractive for US companies to invest in the country, said Economy Minister Nicolas Grau.

The ruling involves the Los Patos River-Salar del Hombre Muerto area, where global lithium giant Arcadium Lithium has a project.

UBS and Goldman Sachs have trimmed their 2024 supply estimates by 33% and 26%, respectively.

CAP is investing up to $80 million to support the development of the company's Penco module in Chile.

The company remains on track with its accelerated development timeline for Oko West, which includes a PEA by the end of Q2 2024.

Last week, Vale extended the term of its CEO Eduardo Bartolomeo until the end of the year.

In November, Pampa said it had entered into an option and joint venture agreement to acquire an 80% interest in the project.