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Chile’s SQM plans to transfer mining concessions from its lithium-rich Maricunga salt flat to state-run copper producer Codelco as part of a new partnership, the company said on Thursday.
SQM and Codelco hammered out a preliminary agreement in December in line with a government mandate to boost state control over the lithium industry in Chile, which is the world’s second-largest producer of the metal that is essential for electric vehicle batteries. Thursday’s shareholders meeting was held at the request of China’s Tianqi Lithium Corp., a major shareholder.
Among the expected terms of the agreement, SQM said it plans to transfer to Codelco its mining concessions and other rights in Maricunga, a salt flat that has yet to yield commercial production for lithium.
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