Chilean President Gabriel Boric said he would nationalize the country's lithium industry and create a separate state-owned company to produce the metal used to make electric vehicle batteries
"This is an opportunity for economic growth that will be difficult to beat in the short term," Boric said in a televised address aired nationwide.
The government would not terminate current contracts, but hoped companies would be open to state participation before they expire, he said. SQM's contract is currently set to expire in 2030.Boric also said he would start a dialogue with communities, companies and legislators to create a lithium company owned completely by the state.
Boric said he has instructed Corfo, the state development agency, to task state-owned Codelco, the world's largest copper producer, with finding the best paths forward for the government's participation in the extraction of lithium in the Atacama salt flats. Codelco, along with state miner Enami, will be given exploration and extraction contracts in areas where there are now private projects and will be asked to assess if they would benefit from state partnership before the national lithium company is formed, he said.
The president added that there will be a division dedicated to advancing technology to minimize environmental impacts, including favoringPrivately held Summit Nanotech Corp, which is developing direct lithium extraction technology and recently opened a Santiago office, welcomed Boric's announcement.
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