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Chile’s state-run Codelco and lithium miner SQM can form a partnership without a vote by SQM shareholders, Chile’s financial regulator said on Tuesday, clearing the way for the deal that had been challenged by SQM shareholder Tianqi Lithium.
Copper giant Codelco and SQM plan to form a joint venture that will give the state a key role in producing lithium while letting SQM boost output.by all shareholders, not just the SQM board of directors, and decried a lack of transparency in the negotiations with Codelco. The Financial Market Commission said arguments submitted by Tianqi did not have merit under Chile’s financial regulations.
“This Commission believes that it is not appropriate for an SQM Extraordinary Shareholders’ Meeting to decide on the so-called Association Agreement, thus this transaction must be analyzed and resolved by SQM’s Board of Directors,” the commission said in a letter to Tianqi. Tianqi did not immediately respond to a request for comment. The company can appeal the CMF decision to the courts.Codelco meets with BMW and ABB in Europe visitItaly moves to boost procurement, reuse of critical raw materials
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