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hits more obstacles on path to lithium expansions","sqm-hits-more-obstacles-on-path-to-lithium-expansions","article/sqm-hits-more-obstacles-on-path-to-lithium-expansions",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":664,"featured":50,"reporter":665,"_editable":669,"component":670,"seo_title":553,"categories":671,"visibility":680,"author_company":49,"featured_image":681,"seo_description":664,"author_full_name":49,"author_job_title":49,"formattedDate":686,"formattedArticleDate":687},"93d13713-7404-4108-995a-92c0c202193b","2018-09-26 00:00",[],[561],{"slug":562,"name":563,"content":564},"matthew-bird","Matthew Bird",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Senior Editor - Supply Chains & Data Visualisation",{"filename":567},"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":571,"content":572},"doc",[573,580,585,590,595,600,605,610,615,620,625,630,635,640,645,650,655,658,661],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"Q3 has proved to be another milestone quarter in SQM’s attempts to expand its lithium production.","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"Firstly, the Chilean water authority challenged the water extraction rights of mining companies in the Atacama. This is not expected to have a direct impact on lithium producers but may create a potential longer-term hurdle to future expansion in what is already a difficult licensing environment.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"Secondly, and potentially more worryingly, the Western Australian (WA) government ruled against bypassing certain requirements, which may see Kidman Resources struggle to obtain the permits needed for their new spodumene operation. This is a decision that sent shockwaves through the Australian lithium space. It was unexpected to say the least.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"This in the same week that SQM also challenged the ruling of Chilean antitrust regulator Fiscalía Nacional Económica (FNE) to allow the acquisition of Potash Corp’s stake in SQM by Tianqi. In a press release issued last week SQM voiced its opposition to the agreement, which centred around SQM’s fears that it would hamper free competition.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"At the start of the year the outlook for SQM looked much more positive.",{"type":574,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":579},"After 2018 began with an end to the CORFO dispute – which had blocked their Atacama expansions since 2014 – the company seemed well positioned to expand production and grow market share.",{"type":574,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":579},"In addition to a new agreement for expansions in the Atacama, the company had partnered with two leading development stage companies in Argentinian brine developer Lithium Americas Corp (LAC), and Kidman Resources which is developing a spodumene operation in Australia.",{"type":574,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":579},"The company seemed so comfortable with their position and future plans that they even agreed to sell their stake in the LAC asset in August, a move which may come back to haunt them in light of recent revelations.",{"type":574,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":579},"The announcement of Tianqi’s intention to buy an almost 25% stake in the company then promised collaboration (if only in ownership terms) between two of the lithium industry’s superpowers.",{"type":574,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":579},"What are the implications of the latest developments for SQM?",{"type":574,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":579},"Their initial plans for expansion in Chile seem secure but questions remain over the longer-term political obstacles, ongoing ownership disputes and potential licensing hurdles. Outside of Chile it would be difficult for SQM to expand its brine output, having sold its LAC stake to Ganfeng in August and with most other producers at an early stage.",{"type":574,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":579},"Looking to their Australian interests, the WA government’s decision not to exempt Kidman Resources from minimum spending requirements is a significant hurdle to the Kidman-SQM joint venture. Although the decision is not final it could open up the Mount Holland development to other parties, forfeiting Kidman’s and SQM’s interest. The decision-making process could delay the spodumene project’s development regardless of the outcome.",{"type":574,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":579},"In hindsight, it has made SQM’s decision to sell its Lithium Americas stake to competitor, Ganfeng Lithium, all the more significant. Even though long term it looks like a sensible decision for all parties, short term the pressure is now on.",{"type":574,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":579},"Kidman are important to SQM’s post-2023 lithium hydroxide expansion plans as there is a shift towards hydroxide-based cathode chemistries. Kidman had agreed a take-or-pay deal with Tesla in May 2018 to buy 5,000 tonnes of lithium hydroxide.",{"type":574,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":579},"It seems inevitable that ownership uncertainty will continue until it’s established who will purchase Potash Corp’s stake in SQM. If the Tianqi deal falls through who could step in? Considering SQM’s protestations over the Tianqi deal, questions about ownership may remain even if the purchase is completed.",{"type":574,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":579},"Timeline of events",{"type":574,"attrs":656,"content":657},{"textAlign":49},[],{"type":574,"attrs":659,"content":660},{"textAlign":49},[],{"type":574,"attrs":662,"content":663},{"textAlign":49},[],"Q3 has proved to be another milestone quarter in SQM’s attempts to expand its lithium production. Firstly, the Chilean water authority challenged the water extraction rights of mining companies in the Atacama. This is not expected to have a direct impact on lithium producers but may create a potential longer-term hurdle to future expansion in […]",[666],{"slug":562,"name":563,"content":667},{"job_title":565,"image":668,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"93d13713-7404-4108-995a-92c0c202193b\", \"id\": \"\"}-->","article",[672,675,678],{"slug":673,"name":674},"batteries","Batteries",{"slug":676,"name":677},"critical-minerals","Critical Minerals",{"slug":679,"name":8},"lithium","private",{"id":49,"alt":682,"name":682,"focus":682,"title":682,"source":682,"filename":683,"copyright":682,"fieldtype":684,"meta_data":685,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/067680daa5/bm-dsc-0202.jpg","asset",{"alt":682,"title":682,"source":682,"copyright":682},"Sep 26, 2018","26th September 2018",[],[],1792773943913]