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production","sqm-forms-private-public-partnership-with-codelco-for-chilean-lithium-production","article/sqm-forms-private-public-partnership-with-codelco-for-chilean-lithium-production",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":731,"featured":50,"reporter":732,"_editable":736,"component":737,"seo_title":543,"categories":738,"visibility":744,"author_company":49,"featured_image":745,"seo_description":731,"author_full_name":49,"author_job_title":49,"formattedDate":750,"formattedArticleDate":751},"8aaf9ae9-4e39-48da-8608-1776f211d366","2024-01-03 00:00",[550,553],{"slug":551,"name":552},"chile","Chile",{"slug":554,"name":555},"sqm","SQM",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"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":567,"content":568},"doc",[569,586,607,628,633,638,647,652,657,662,667,688,695,700,713,726],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573,576,584],{"text":574,"type":575},"Chilean lithium major SQM is set to form a new company with state-owned copper miner ","text",{"text":577,"type":575,"marks":578},"Codelco",[579],{"type":580,"attrs":581},"link",{"href":582,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/chile-advances-lithium-and-cathode-ambitions-with-codelco-and-tsingshan-deals","url",{"text":585,"type":575},", which will allow it to continue operating in Chile after 2030, when its current contract is set to expire.",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589,591,597,599,605],{"text":590,"type":575},"The new company, in which Codelco will have majority control, is expected to be created in 2025, and will be the first ",{"text":592,"type":575,"marks":593},"private-public partnership",[594],{"type":580,"attrs":595},{"href":596,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/chile-plans-to-take-control-of-lithium-mining-via-public-private-partnership",{"text":598,"type":575}," in lithium following ",{"text":600,"type":575,"marks":601},"President Gabriel Boric’s lithium nationalisation plan",[602],{"type":580,"attrs":603},{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/what-does-chiles-national-lithium-strategy-mean-for-albemarle-and-sqm",{"text":606,"type":575}," revealed in April 2023.",{"type":570,"attrs":608,"content":609},{"textAlign":49},[610,612,618,620,626],{"text":611,"type":575},"Chile is the second largest producer of lithium, forecast to account for 25% of global production in 2023. However, with only two companies operating in the country and few major plans for expansion, the country’s share is ",{"text":613,"type":575,"marks":614},"set to decline to 13% by 2030",[615],{"type":580,"attrs":616},{"href":617,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/china-set-to-overtake-chile-as-worlds-second-largest-lithium-producer",{"text":619,"type":575},", according to ",{"text":621,"type":575,"marks":622},"Benchmark’s Lithium Forecast",[623],{"type":580,"attrs":624},{"href":625,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://www.benchmarkminerals.com/forecasts/lithium/reports",{"text":627,"type":575},".",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"The deal struck with SQM could pave the way for new entrants into the country’s lithium sector, however. Executives from Tianqi Lithium, LG Energy Solution and France’s Eramet have also recently met with Chilean officials, according to Bloomberg. ",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"“The key takeaway to SQM is that it will continue to exist in Chile, where it’s largest by far,” Federico Gay, principal lithium analyst at Benchmark, said. “For Codelco, it means entering into a new business where, with the government’s aid, it can grow and have from day one a considerable share in the global market.”",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"type":642,"attrs":643},"image",{"id":49,"alt":644,"src":645,"title":49,"source":49,"copyright":49,"meta_data":646},"Chile's share of lithium production set to fall","https://a.storyblok.com/f/287943243085208/1a3bff8910/bm-lithium-lce-geo-share-2015-2030.png",{},{"type":570,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":575},"Currently SQM and US company Albemarle are the only companies operating lithium assets in Chile, and they lease their properties from the state development company Corfo. ",{"type":570,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":575},"SQM’s current lease is set to expire in 2030. Albemarle’s is set to expire in 2043, and the Chilean government has indicated it intends to honour this, though it is expected that Albemarle will have to enter a similar arrangement at some point.",{"type":570,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":575},"The MOU between SQM and Codelco will allow SQM’s lease contracts to transfer to Codelco when they expire in 2030. Codelco currently owns the lease contracts between 2031 and 2060.",{"type":570,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":575},"The agreement could allow for SQM to increase production by up to 300,000 tonnes of lithium by the end of the decade, both through an expansion of its existing quota as well as an additional quota contributed by Codelco.",{"type":570,"attrs":668,"content":669},{"textAlign":49},[670,672,678,680,686],{"text":671,"type":575},"Prices for lithium Carbonate, FOB South America, ",{"text":673,"type":575,"marks":674},"fell by 68% last year",[675],{"type":580,"attrs":676},{"href":677,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/lithium-price-decline-casts-shadow-over-long-term-supply-prospects-2023-in-review",{"text":679,"type":575}," to $18,750/tonne, according to ",{"text":681,"type":575,"marks":682},"Benchmark’s Lithium Price Assessment",[683],{"type":580,"attrs":684},{"href":685,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://www.benchmarkminerals.com/price-assessments/lithium/portal",{"text":687,"type":575},".  ",{"type":689,"attrs":690,"content":692},"heading",{"level":691,"textAlign":49},4,[693],{"text":694,"type":575},"Proposed terms of the partnership",{"type":689,"attrs":696,"content":697},{"level":691,"textAlign":49},[698],{"text":699,"type":575},"Sustainable lithium production",{"type":570,"attrs":701,"content":702},{"textAlign":49},[703,705,711],{"text":704,"type":575},"SQM is one of only two lithium producers to have assets accredited by the ",{"text":706,"type":575,"marks":707},"Initiative for Responsible Mining Assurance",[708],{"type":580,"attrs":709},{"href":710,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/all-chilean-lithium-rated-to-worlds-most-rigorous-standard",{"text":712,"type":575}," (IRMA). The other is Albemarle which also has its Chilean assets accredited by the standard which is the most rigorous assessment of its type in the world.",{"type":570,"attrs":714,"content":715},{"textAlign":49},[716,718,724],{"text":717,"type":575},"The increased production quotas will be allowed only without significantly increasing brine extraction at the site. In 2020, SQM committed to ",{"text":719,"type":575,"marks":720},"halving brine extraction",[721],{"type":580,"attrs":722},{"href":723,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/video/watch/carbon-and-water-neutral-lithium-sqms-innovation-roadmap-and-sustainable-development-plan",{"text":725,"type":575}," by 2030.",{"type":570,"attrs":727,"content":728},{"textAlign":49},[729],{"text":730,"type":575},"“The commitments to reduce brine extraction levels in the Salar de Atacama for the coming years remain unchanged,” SQM said.","Chilean lithium major SQM is set to form a new company with state-owned copper miner Codelco, which will allow it to continue operating in Chile after 2030, when its current contract is set to expire. The new company, in which Codelco will have majority control, is expected to be created in 2025, and will be […]",[733],{"slug":558,"name":559,"content":734},{"job_title":561,"image":735,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8aaf9ae9-4e39-48da-8608-1776f211d366\", \"id\": \"\"}-->","article",[739,742],{"slug":740,"name":741},"critical-minerals","Critical Minerals",{"slug":743,"name":8},"lithium","private",{"id":49,"alt":746,"name":746,"focus":746,"title":746,"source":746,"filename":747,"copyright":746,"fieldtype":748,"meta_data":749,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/b61da709ae/bm-sqm-reducira-en-50-la-extraccion-de-salmuera-del-salar-de-atacama-y-en-40-su-consumo-hidrico-en-t.jpg","asset",{"alt":746,"title":746,"source":746,"copyright":746},"Jan 03, 2024","3rd January 2024",[],[],1783354814464]