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SANTIAGO -Chile's state copper producer Codelco and lithium company SQM have agreed to a final deal to create a joint venture for lithium production in the Atacama salt flat, the companies said on Friday. The deal will grant majority control to Codelco, a core element of President Gabriel Boric's strategy to boost government production of lithium, which is a key material for most batteries that power electric vehicles.
The start of the partnership will, however, depend on a decision from the regulator on a request from China's Tianqi Lithium, which has about a 20% stake in SQM, for shareholders' approval to green light the joint venture.The deal will also require the authorization of Chilean and foreign authorities and the conclusion of a consultation of local Indigenous communities.
The deal, which was originally outlined in December, is set to begin in 2025 and run through 2060, with Codelco overseeing general management as of 2031. It will encompass current SQM operations in the Atacama salt flat, one of the world's most prized areas for lithium extraction, and allow production to rise to up to 300,000 metric tons a year through 2060.
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