Codelco enters the lithium market after signing an agreement with SQM (2)

Copper giant Codelco-bsp-bb-link> will soon become a major player in the lithium market after signing a partnership agreement that will give the state-owned company a majority stake in SQM’s prized Chilean brine assets.

Final agreement announced-bsp-bb-link> Friday ratified the initial agreement reached between the two companies late last year, although regulatory, social and potentially legal hurdles remain before the deal is implemented early next year.

The partnership is a pillar of President Gabriel Boric-bsp-person’s plan to ensure greater state control over key lithium assets while boosting production of the battery metal as part of a transition away from fossil fuels.

A giant brine evaporation pool in the Chilean Atacama.

Source: Bloomberg