Brazil’s Gerdau buys out Sumitomo Corp and JSW in Gerdau Summit
The transaction is expected to close in early 2025.
Miners Rio Tinto (ASX, LON, NYSE: RIO) and Eramet (EPA: ERA), along with Chinese EV giant BYD and South Korean battery maker LG Energy, are among six companies eligible to develop a lithium project in Chile’s Altoandinos salt flats, state-run mining company Enami says.
Enami announced on Thursday the companies have met the requirements and will be able to participate in the negotiation process, in which a partner will be chosen with whom the state company will form a public-private partnership for the operation in the Atacama region.
The list also includes CNGR Advanced Material Co. Ltd (China) and POSCO Holdings Inc. (South Korea).
The salt flats in the northern region of Atacama are one of the areas where the Chilean government aims to boost lithium production in partnership with the state by initiating new projects.
The government’s goal is to increase local production of the battery metal by 70% within a decade, with three or four new projects under development by 2026.
Enami launched its search in May, seeking a partner to offer either financial backing or operational support in Altoandinos, for an ownership stake that has yet to be determined.
Twelve companies initially expressed interest. Enami aims to formalize a public-private partnership by March 2025.
“We are moving forward with concrete actions for the National Lithium Strategy, with this announcement of the companies that meet the high selection standards,” Enami chief executive Ivan Mlynarz said in a statement.
The Salares Altoandinos project spans about 100 square miles in the Atacama region. Comprised of three undeveloped salt flats, the project is projected to produce 20,000 metric tons by 2032 and triple that by 2037, according to government estimates.
In June, Enami released the first results from a $10.5 million drilling campaign, with brine samples at the Aguilar flat showing an average concentration of 740 milligrams of lithium per liter.
(With files from Reuters)
