Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Chile’s state-run Codelco plans to begin lithium exploration in the country’s Pedernales salt flat in the second half of the year, as part of the copper miner’s nascent efforts to mine the white metal, chairman Maximo Pacheco said on Monday.
Codelco, which is struggling to boost its copper output, is expanding into lithium under a mandate from President Gabriel Boric to boost the state’s role in producing the metal that powers EV batteries. Chile holds the world’s largest lithium reserves.
Speaking at Codelco’s annual shareholders meeting, Pacheco said the company planned to carry out exploration to gauge the potential for lithium production at the salt flat.
Lithium in Chile is currently mined only in the Atacama salt flat. Codelco plans to partner with miner SQM in that region, as well as spearhead new projects in the Maricunga and Pedernales salt flats, which Chile believes to have high production potential.
(By Daina Beth Solomon and Fabian Cambero; Editing by Kylie Madry and Michael Erman)
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