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advances lithium and cathode ambitions with Codelco and Tsingshan deals","chile-advances-lithium-and-cathode-ambitions-with-codelco-and-tsingshan-deals","article/chile-advances-lithium-and-cathode-ambitions-with-codelco-and-tsingshan-deals",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":732,"featured":51,"reporter":733,"_editable":737,"component":738,"seo_title":553,"categories":739,"visibility":742,"author_company":49,"featured_image":743,"seo_description":732,"author_full_name":49,"author_job_title":49,"formattedDate":748,"formattedArticleDate":749},"618931a5-8313-4dac-a9b8-d10e1449cd70","2023-10-19 00:00",[560],{"slug":561,"name":562},"chile","Chile",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,593,598,603,608,621,626,631,638,643,648,653,658,663,674,679,684,689,694,699,704,709,722,727],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Chile is moving forward with plans to develop its lithium and battery material ","text",{"text":584,"type":582,"marks":585},"sectors",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/chiles-lithium-growth-challenged-by-political-uncertainty","url",{"text":592,"type":582},", with deals signed this week for a lithium mining project, as well as a cathode plant in the country. ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"State-owned Codelco is set to takeover Australia’s Lithium Power International for A$385 million ($243 million) while Chinese nickel major Tsingshan will build a $233 million plant to produce 120,000 tonnes a year of lithium iron phosphate (LFP) cathode in the country. ",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The deals reflect the ambitions of Chilean president Gabriel Boric to grow the country’s lithium sector, but to do it with greater involvement from the state, as well as to obtain more value for Chile. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"Chile produced over 200,000 tonnes of lithium carbonate and lithium hydroxide last year, but almost all of this material is exported to Asia, where it is turned into battery materials. ",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611,613,619],{"text":612,"type":582},"Earlier this year China’s BYD s",{"text":614,"type":582,"marks":615},"aid it planned",[616],{"type":587,"attrs":617},{"href":618,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/byd-builds-battery-supply-chain-in-south-america-with-chile-and-brazil-plants",{"text":620,"type":582}," to build a $290 million 50,000 tonne-a-year cathode plant in Chile using lithium from Chilean producer SQM.",{"type":577,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":582},"Chile has a free trade agreement with the US, meaning Chilean cathode material may be eligible for subsidies under the Inflation Reduction Act.",{"type":577,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":582},"“I think it’s a key move for LFP in North America, which is currently lacking in the CAM [cathode active materials] production space,” Rob Burell, an analyst at Benchmark, said. “There will undoubtedly be enormous demand for LFP cells over the next 20 years for widespread and low-cost electrification”",{"type":632,"attrs":633,"content":635},"heading",{"level":634,"textAlign":49},4,[636],{"text":637,"type":582},"Tsingshan deepens investment in South America ",{"type":577,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":582},"During a visit to Beijing for the third Belt and Road Forum, Boric met with Xiang Guangda, the head of China’s stainless steel company Tsingshan. ",{"type":577,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":582},"Tsingshan expects its LFP cathode plant to start production in May 2025, according to Chile’s economic development agency Corfo. ",{"type":577,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":582},"Tsingshan will get access to 11,244 tonnes a year of battery-grade lithium carbonate at preferential prices until 2030, under allocations managed by Corfo. ",{"type":577,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":582},"SQM leases its right to extract lithium from the Atacama desert from the Chilean government. As part of its 2019 lease agreement with Corfo, SQM agreed to offer lithium at preferential prices to “value-added producers” in Chile. ",{"type":577,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":582},"The price is based on the lowest export market price, equal to the weighted average FOB price “on the 20% lower price of the volume exported during the previous six months.” ",{"type":577,"attrs":664,"content":665},{"textAlign":49},[666,672],{"text":667,"type":582,"marks":668},"Benchmark’s lithium carbonate, FOB South America, prices",[669],{"type":587,"attrs":670},{"href":671,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":673,"type":582}," were last assessed at $28,250/tonne on 18 October 2023, the lowest level since January 2022, due to ample availability of carbonate from brine producers. ",{"type":577,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":582},"The deal with Tsingshan will represent half of the lithium quota available under the contract between Corfo and SQM, Corfo said. ",{"type":632,"attrs":680,"content":681},{"level":634,"textAlign":49},[682],{"text":683,"type":582},"Codelco enters lithium ",{"type":577,"attrs":685,"content":686},{"textAlign":49},[687],{"text":688,"type":582},"In April, Chile outlined plans to take further ownership of lithium mining in the country and appointed Codelco, the world’s largest copper miner, as a key player in developing lithium projects through public-private associations. ",{"type":577,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":582},"This week, Codelco inked its first lithium deal since the South American country launched its national lithium strategy with Lithium Power International.",{"type":577,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":582},"The junior mining company owns the Maricunga lithium project in the Atacama region in northern Chile, which is expected to produce 15,200 per year LCE over 20 years in its first stage, according to its most recent definitive feasibility study. ",{"type":577,"attrs":700,"content":701},{"textAlign":49},[702],{"text":703,"type":582},"Codelco, which said it has the resources to pay for the acquisition, owns assets and permits close to the Maricunga asset. However, the miner has not developed any lithium projects so far. ",{"type":577,"attrs":705,"content":706},{"textAlign":49},[707],{"text":708,"type":582},"The takeover deal has to be approved by Lithium Power International’s shareholders, with a vote expected to happen in January. Minera Blanco, which owns the biggest stake in the junior mining company, has already said it is supporting the buyout. ",{"type":577,"attrs":710,"content":711},{"textAlign":49},[712,714,720],{"text":713,"type":582},"Chile, the world’s second largest lithium producer, is expected to remain a dominant player in the sector, with output reaching 495,000 tonnes LCE by 2030, according to Benchmark’s ",{"text":715,"type":582,"marks":716},"Lithium Forecast",[717],{"type":587,"attrs":718},{"href":719,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://www.benchmarkminerals.com/forecasts/lithium/",{"text":721,"type":582},". ",{"type":577,"attrs":723,"content":724},{"textAlign":49},[725],{"text":726,"type":582},"There are currently only two lithium producers in Chile, SQM and Albemarle, with their contracts for lithium mining in the country expiring in 2030 and 2043 respectively. The top lithium producers will need to negotiate their contracts after that to meet the requirements set in April by the government.",{"type":577,"attrs":728,"content":729},{"textAlign":49},[730],{"text":731,"type":582},"Benchmark forecasts output from SQM and Albemarle operations in Chile will account for 24% of the global lithium market this year.","Chile is moving forward with plans to develop its lithium and battery material sectors, with deals signed this week for a lithium mining project, as well as a cathode plant in the country. State-owned Codelco is set to takeover Australia’s Lithium Power International for A$385 million ($243 million) while Chinese nickel major Tsingshan will build […]",[734],{"slug":565,"name":566,"content":735},{"job_title":568,"image":736,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"618931a5-8313-4dac-a9b8-d10e1449cd70\", \"id\": \"\"}-->","article",[740],{"slug":741,"name":8},"lithium","private",{"id":49,"alt":744,"name":744,"focus":744,"title":744,"source":744,"filename":745,"copyright":744,"fieldtype":746,"meta_data":747,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/c67b8dc02d/bm-boric-and-xiang-guangda.jpg","asset",{"alt":744,"title":744,"source":744,"copyright":744},"Oct 19, 2023","19th October 2023",[],[],1792773909210]