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partnership","sqm-and-codelco-confirm-chilean-lithium-partnership","article/sqm-and-codelco-confirm-chilean-lithium-partnership",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":718,"featured":51,"reporter":719,"_editable":723,"component":724,"seo_title":543,"categories":725,"visibility":731,"author_company":49,"data_vis_image":732,"featured_image":737,"seo_description":718,"author_full_name":49,"author_job_title":49,"formattedDate":740,"formattedArticleDate":741},"61a0bf35-308f-4124-8747-922575dbe687","2024-05-31 00:00",[550,553,556,559],{"slug":551,"name":552},"chile","Chile",{"slug":554,"name":555},"codelco","Codelco",{"slug":557,"name":558},"data-visualisation","Data Visualisation",{"slug":560,"name":561},"sqm","SQM",[563],{"slug":564,"name":565,"content":566},"didi-bostock","Didi Bostock",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Editor - Energy Transition & Economics",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":573,"content":574},"doc",[575,582,597,602,607,614,635,640,653,666,671,676,685,690,695,700,713],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579],{"text":580,"type":581},"SQM and the National Copper Corporation of Chile, Codelco, will form a partnership for the development of mining and production activities at SQM’s Salar de Atacama site.","text",{"type":576,"attrs":583,"content":584},{"textAlign":49},[585,587,595],{"text":586,"type":581},"The two companies entered a formal partnership agreement on 31 May 2024, after having signed a ",{"text":588,"type":581,"marks":589},"memorandum of understanding",[590],{"type":591,"attrs":592},"link",{"href":593,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://source.benchmarkminerals.com/article/sqm-forms-private-public-partnership-with-codelco-for-chilean-lithium-production","url",{"text":596,"type":581}," in December last year.",{"type":576,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":581},"“This announcement comes as expected news,” Federico Gay, principal lithium analyst at Benchmark, said. “First of all, it takes out the certain degree of uncertainty regarding timelines and puts an end to certain shareholder’s claims to stop the deal.”",{"type":576,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":581},"The partnership will be formed through the merging of Codelco’s subsidiary Minera Tarar with SQM’s subsidiary SQM Salar. The joint venture’s new name has yet to be announced.",{"type":608,"attrs":609,"content":611},"heading",{"level":610,"textAlign":49},4,[612],{"text":613,"type":581},"Lithium in Chile",{"type":576,"attrs":615,"content":616},{"textAlign":49},[617,619,625,627,633],{"text":618,"type":581},"The partnership is part of President Gabriel Boric ",{"text":620,"type":581,"marks":621},"National Lithium Strategy",[622],{"type":591,"attrs":623},{"href":624,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://source.benchmarkminerals.com/article/chile-plans-to-take-control-of-lithium-mining-via-public-private-partnership",{"text":626,"type":581}," which aims to increase the state’s role in Chile’s lithium production through the ",{"text":628,"type":581,"marks":629},"formation of public-private partnerships",[630],{"type":591,"attrs":631},{"href":632,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm",{"text":634,"type":581},". The SQM-Codelco partnership will be the first.",{"type":576,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":581},"“This has as its main objective for the Chilean people to act as ‘shareholders’ of their strategic resources, as copper already is,” Gay said.",{"type":576,"attrs":641,"content":642},{"textAlign":49},[643,645,651],{"text":644,"type":581},"All lithium properties in Chile are owned by the Chilean Production Development Corporation, CORFO. Currently, ",{"text":646,"type":581,"marks":647},"SQM and US-based Albemarle",[648],{"type":591,"attrs":649},{"href":650,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://source.benchmarkminerals.com/article/over-40-of-2024-lithium-feedstock-to-come-from-companies-with-industry-leading-scores-for-esg",{"text":652,"type":581}," are the only companies operating lithium production assets in the country.",{"type":576,"attrs":654,"content":655},{"textAlign":49},[656,658,664],{"text":657,"type":581},"Earlier in May, ",{"text":659,"type":581,"marks":660},"CORFO boosted Albemarle’s lithium quota",[661],{"type":591,"attrs":662},{"href":663,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://source.benchmarkminerals.com/article/chile-boosts-albemarles-quota-as-country-set-to-lose-lithium-market-share",{"text":665,"type":581}," in the country. The terms of the SQM-Codelco partnership will boost the production quota for SQM’s assets as well.",{"type":576,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":581},"“This results in Chile being able to ramp-up production, which has been stagnating during the last few years, allowing the country to increase its footprint as one of the largest lithium producers globally,” Gay said.",{"type":576,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":581},"In 2023, Chile represented a quarter of global lithium production making it the second largest producer of lithium after Australia. By 2030, this market share is on track to slump to 13%. The agreement is expected to ease some of the geopolitical constraints to expansion and reaffirm Chile as a long-term major force in lithium.",{"type":576,"attrs":677,"content":678},{"textAlign":49},[679],{"type":680,"attrs":681},"image",{"id":49,"alt":682,"src":683,"title":49,"source":49,"copyright":49,"meta_data":684},"Chile's lithium output growth lags behind rest of the world","https://a.storyblok.com/f/287943243085208/d86b9ddbed/bm-chile-lithium-2015-to-2025.png",{},{"type":608,"attrs":686,"content":687},{"level":610,"textAlign":49},[688],{"text":689,"type":581},"How will the partnership operate?",{"type":576,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":581},"The partnership is due to form in 2025 and its operation is split into two periods based on SQM’s current lease agreement from the Chilean Production Development Corporation, CORFO, which is due to expire in 2030.",{"type":576,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":581},"The increase in lithium production by the partnership will be achieved through increases in “process efficiency, the adoption of new technologies and the optimisation of operations,” according to a press release from Codelco.",{"type":576,"attrs":701,"content":702},{"textAlign":49},[703,705,711],{"text":704,"type":581},"“Also, this deal comes with stringent ",{"text":706,"type":581,"marks":707},"environmental requirements",[708],{"type":591,"attrs":709},{"href":710,"uuid":49,"anchor":49,"target":49,"linktype":594},"https://source.benchmarkminerals.com/article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"text":712,"type":581},", particularly regarding water consumption,” Gay said. “This is extremely important considering that the Salar de Atacama is located in the most arid region in the globe.”",{"type":576,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":581},"Although a formal agreement has been signed, there are still several requirements that need to be met before the partnership can be officially formed in 2025 including obtaining governmental approval and the conclusion of a consultation process with indigenous communities regarding aspects of the deal.","SQM and the National Copper Corporation of Chile, Codelco, will form a partnership for the development of mining and production activities at SQM’s Salar de Atacama site. The two companies entered a formal partnership agreement on 31 May 2024, after having signed a memorandum of understanding in December last year. “This announcement comes as expected […]",[720],{"slug":564,"name":565,"content":721},{"job_title":567,"image":722,"bio":570,"linkedin":571},{"filename":569},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"61a0bf35-308f-4124-8747-922575dbe687\", \"id\": \"\"}-->","article",[726,729],{"slug":727,"name":728},"critical-minerals","Critical Minerals",{"slug":730,"name":8},"lithium","private",{"id":49,"alt":682,"name":733,"focus":733,"title":682,"source":733,"filename":734,"copyright":733,"fieldtype":735,"meta_data":736,"is_external_url":51},"","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1717175581/www-production/Chile-lithium-2015-to-2025-no-Y/Chile-lithium-2015-to-2025-no-Y.png?_i=AA","asset",{"alt":682,"title":682,"source":733,"copyright":733},{"id":49,"alt":733,"name":733,"focus":733,"title":733,"source":733,"filename":738,"copyright":733,"fieldtype":735,"meta_data":739,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1850e044f1/bm-sqms-regulatory-headache-continues.jpg",{"alt":733,"title":733,"source":733,"copyright":733},"May 31, 2024","31st May 2024",[],[],1784052273525]