Chile gives Albemarle option to boost lithium quota by 240,000 metric tons
) to establish an option for the U.S. company to increase its production quota by 240,000 metric tons of lithium metal equivalent .
To access the higher quota, Albemarle would need to prove its ability to use sustainable technology such as direct lithium extraction, consult local indigenous communities, and obtain environmental permits, CORFO said. Albemarle is one of two companies producing lithium in Chile, which is the world's second-largest producer of the white metal used in EV batteries.
The pact also outlines new terms for setting a "preferential price" for producers of lithium products in Chile. CORFO said the changes were aimed at helping those companies "come to an agreement with Albemarle in a better way and with greater flexibility for a long-term supply of lithium carbonate."
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